GIFT  OF 

Bancroft 
LIBRARY 


NEW  YOEK 

STOCK   EXCHANGE 

MANUAL, 

CONTAINING  ITS  PRINCIPLES,  RULES,  AND  ITS 
DIFFERENT  MODES  OF  SPECULATION: 

ALSO, 

A  REVIEW  OF   THE    STOCKS   DEALT   IN   ON  'CHANGE, 

RAILWAY,  MINING,  PETROLEUM, 

&c.,  &c. 

BY 

HENRY    HAMON. 

fc 


NEW  YORK: 

PUBLISHED  BY  JOHN  F.  TROW,  50  GREENE  STREET. 
1865. 


Entered,  according  to  Act  of  Congress,  in  the  year  1865,  by 

HENRY  HAMON, 

In  the  Clerk's  Office  of  the  District  Court  of  the  United  States  for  the  South 
ern  District  of  New  York. 

StFTOF 
Kancrott 
LIBRARY 


JOHN  F.  TROW, 

FBIXTXR,  STEKBOTYPKB,  AND  EI.KCIJIOTTPBE, 
No.  60  Greene  Street,  New  York. 


CONTENTS. 


PART  I. 

PAGB 

CHAPTER  I.— STOCK  EXCHANGE 6 

CHAPTER  II. — RULES  OF  THE  STOCK  EXCHANGE. — Constitu- 
tion and  By-Laws  of  the  Stock  Exchange — Constitution  and 
By-Laws  of  the  New  York  Gold  Exchange — Constitu- 
tion and  By-Laws  of  the  Open  Board  of  Stock  Brokers 
— The  Evening  Exchange — Constitution  and  By-Laws  of  the 
Mining  Exchange — Constitution  and  By-Laws  of  the  Public 
Petroleum  Exchange — Constitution  and  By-Laws  of  the 

Petrolenm  Stock  Board 9 

CHAPTER  UL— STOCK  JOBBERS 107 

CHAPTER  IV.— STOCK  BROKERS.. , 111 

CHAPTER  V. — MODUS  OPERANDI 117 

CHAPTER  VI.— FINANCIAL  ARTICLES 124 


PART  II. 

CHAPTER  I.— UNITED  STATES  BONDS  — 6's,  1881—5-20— 
10-40— 7-30.— Certificates  of  Indebtedness— 6's,  1867— 
6's,  1868— 5's,  1871— 5's,  1874— Oregon  War  Debt 145 

CHAPTER  H.— STATE  BONDS.— New  York— California— Con- 
necticut —  Georgia — Illinois — Indiana — Iowa — Kansas — 
Kentucky —  Louisiana — Massachusetts — Michigan — Minne- 
sota —  Missouri  —  North  Carolina — Ohio — Rhode  Island — 
South  Carolina — Tennessee — Vermont — Virginia — Wiscon- 
sin ..  156 


861332 


IV  CONTENTS. 

FAGB 

CHAPTER  III. — BANK  STOCKS. — General  Banking  in  the  United 
States — The  Safety  Fund  System — The  State  or  Free  Bank- 
ing System — The  National  System 173 

CHAPTER  IV.— AMERICAN  GOLD.— History  of  Gold— Causes  of 

Depreciation 208 

CHAPTER  V. — RAILROAD  STOCKS  AND  BONDS. — New  York 
Central — Erie — Harlem — Hudson  River — Reading — Michi- 
gan Central — Michigan  Southern — Rock  Island — Chicago 
and  Northwestern — Cleveland  and  Pittsburg— Cleveland 
and  Toledo— Illinois  Central — Pittsburg,  Fort  Wayne,  and 
Chicago — Milwaukee  and  Prairie  du  Chien — St.  Louis, 
Alton,  and  Terre  Haute — Chicago  and  Alton — Toledo  and 

Wabash— Panama — Miscellaneous  Railroad  Stocks 217 

CHAPTER  VI. — MISCELLANEOUS  STOCKS. — Canton  Company — 
Cumberland — Quicksilver — Mariposa — Pacific  Mail — Atlan- 
tic Mail — Delaware  and  Hudson  Canal — American  Coal — 

Central  Coal — Pennsylvania  Coal 307 

CHAPTER  VII.— MINING  STOCKS 338 

CHAPTER  VIII.— PETROLEUM  STOCKS 362 

CHAPTER  IX. — INSURANCE  STOCKS. — Fire  Insurance  Compa- 
nies—Marine Insurance  Companies— Life  Insurance  Compa- 
nies   .  387 


PART   i;  -     v 

CHAPTEK    I. 

THE     STOCK     EXCHANGE. 

THE  Stock  Exchange  is  a  place  of  which  one  hears 
every  day  in  the  year  and  every  hour  in  the  day,  and 
yet  very  few  know  anything  of  it,  beyond  the  single 
fact  that  it  is  the  place  where  all  the  transactions  in 
stocks  occur. 

The  modern  institution  of  exchanges  dates  more 
particularly  from  the  16th  century  in  Continental  Eu- 
rope. The  name  JZorse  in  German,  ^Bourse  in  French, 
originated  from  the  belief  that  the  first  gathering  of  the 
kind  took  place  in  the  early  part  of  the  16th  century  at 
Bruges,  in  Flanders,  in  the  house  of  a  family  of  the 
name  of  Van  der  Borse.  According  to  another  tradi- 
tion, the  first  exchange  was  had  at  Amsterdam,  in  a 
house  which  had  three  purses  hewn  in  stone  over  the 
gates,  thus  accounting  for  the  use  of  the  word  Bourse. 
Previous  to  the  latter  part  of  the  16th  century,  the 
London  merchants  used  to  meet  without  shelter  in 
Lombard  street.  Sir  Richard  Gresham,  having  seen  the 
covered  walks  used  for  exchange  abroad,  contem- 
plated erecting  a  similar  building  in  London.  The 
scheme  was  carried  into  effect  by  his  son,  Sir  Thomas 
Gresham,  who  offered  to  erect  a  building  if  the  citizens 
would  provide  a  plot  of  ground.  The  site  north  of  Corn- 


6  STOCK  EXCHANGE  MANUAL. 

hill,  in  the  pity;  of  London,  was  accordingly  purchased 
'in  ISW/f^^jtf  $18,000. 

On  ja$uajy,23<d,\1570,  Queen  Elizabeth  caused  it  to 
'  i*e  £vcila£4ie(ci  $e  Royal  Exchange.  The  structure  was 
'destroyed  in  the  great  fire  of  1666.  It  was  destroyed 
again  by  fire  in  1838.  The  corner  stone  of  the  present 
Royal  Exchange  was  laid  in  1842  by  Queen  Victoria. 
It  is  an  imposing  edifice,  embellished  with  many  statues. 
The  area  appropriated  to  the  meetings  of  the  merchants 
is  170  feet  by  112,  of  which  111  by  53  is  uncovered. 
There,  the  English,  French,  German,  and  other  foreign 
merchants  all  have  their  appropriate  place  and  corner, 
and  meet  daily  for  the  transaction  of  business.  On 
Tuesday  and  Friday  an  extra  meeting  for  transactions 
in  foreign  bills  of  exchange  takes  place,  previous  to  the 
regular  board,  which  is  attended  by  the  principal  bankers 
and  merchants  in  London,  and  which  derives  great  im- 
portance from  the  immense  business  transacted  within 
about  half  an  hour.  The  whole  foreign  commerce 
which  centres  in  London  is  here  concentrated  in  a  hand- 
ful of  bills  of  exchange.  There  is  much  less  excite- 
ment than  at  the  general  exchange :  a  few  brokers  pass 
between  the  bankers  and  merchants,  and  the  bills  are 
bought  and  sold  almost  in  a  whisper. 

The  most  celebrated  Continental  Exchange  is  the 
Bourse  of  Paris,  which  was  inaugurated  in  1824.  The 
building  has  the  shape  of  an  ancient  peripteral  temple. 
The  exterior  measures  234  feet  by  164,  interior  108  by 
59,  exclusive  of  galleries,  or  6,372  feet  square,  and  is 
calculated  to  hold  more  than  2,000  persons.  The  Paris 
exchange  is  a  combination  of  stocks  and  bills  of  ex- 
change, and  confines  itself  chiefly  to  those  branches  of 
business. 


THE   STOCK  EXCHANGE.  7 

The  St.  Petersburg  Exchange  approaches  the  Paris 
Bourse  in  splendor;  it  was  built  between  1804  and 
1810.  The  Hamburg  Exchange  resembles  also  that  of 
Paris  in  the  shape  and  the  grandeur  of  the  building. 
The  Exchange  of  Amsterdam  was  finished  in  1613  ;  it  is 
an  edifice  of  great  magnitude.  The  Bourse  of  Antwerp, 
one  of  the  oldest  and  most  remarkable  of  Europe,  was 
totally  destroyed  by  fire  in  1858 ;  a  large  portion  of  the 
business  of  the  world  was  transacted  in  it  for  a  consid- 
erable time.  At  Madrid,  Lisbon,  Marseilles,  Trieste, 
Vienna,  Odessa,  Smyrna,  Frankfort,  the  Exchanges 
are  numerously  attended  ;  but  the  Exchange  of  London 
stands  unrivalled  in  Europe  for  the  magnitude  of  the 
transactions.  Next  to  it  in  commercial  importance  rank 
the  Exchanges  of  Amsterdam  and  Hamburg. 

Now  in  New  York,  in  that  metropolis  of  the  West- 
ern Continent,  as  splendid  a  city  as  the  oldest  and  most 
renowned  cities  of  Europe,  when  a  foreigner  asks  for  the 
Public  Exchange,  we  have  nothing  to  show  him.  Thou- 
sands of  people  in  New  York  do  not  know  where  the 
stock  brokers  congregate  every  day  to  deal  for  the 
interest  of  the  stockholders.  The  hall  in  which  millions 
of  dollars  go  from  hand  to  hand  every  day,  is  located 
in  a  by-street,  and  can  be  found  by  the  initiated  only. 
While  the  produce  merchants  have  erected  a  handsome 
hall,  where  the  public  is  admitted,  the  stock  brokers 
seem  slow  to  understand  it  is  proper  that  they  should 
meet  in  a  building  erected  for  the  especial  purpose  of 
being  a  Stock  Exchange— a  building  that  would  be  an 
honor  to  them  and  to  New  York  City,  and  adequate  to 
the  importance  of  the  business  transacted  by  the  stock 
brokers. 

Speculation  has  been  increased  to  so  large  extent, 


8  STOCK  EXCHANGE  MANUAL. 

that  it  has  become  necessary  to  provide  a  wider 
theatre. 

Besides  the  regular  sessions  of  the  Board  at  10£  and 
2£,  there  are  two  other  sessions  at  1  and  3|-,  under  the 
name  of  Open  Board  of  Brokers. 

An  association  has  been  formed  for  the  purpose  of 
gold  speculation,  at  the  corner  of  Beaver  and  William 
streets,  under  the  name  of  the  New  York  Gold  Ex- 
change, or  Gold  Room. 

On  December  21st,  1863,  was  opened  the  Mining 
Exchange,  especially  devoted  to  mining  stocks. 

In  March,  1864,  a  new  Exchange  Room,  for  the 
evening  sessions,  was  opened  at  the  Republican  Club, 
corner  of  23d  street,  and  these  evening  sessions  have 
become  a  feature  of  the  time.  Mammon  is  worshipped 
from  daylight  in  New  York  till  midnight. 

On  February  1st,  1865,  a  Petroleum  Board,  corner 
of  Broadway  and  Rector  street,  was  opened  for  the 
petroleum  concern ;  since  that  time  another  petroleum 
association  has  been  formed  at  16  Broad  street. 


CHAPTEE    II. 
EULES  OF  THE    STOCK   EXCHANGE. 

WE  think  it  is  proper  to  give  in  full  the  Constitutions  and  By 
laws  of  the  various  Exchanges.  Our  readers  will  better  understand 
all  that  we  have  to  say  about  the  speculation. 

I. 

CONSTITUTION  AND  BY-LAWS  OF  THE 
NEW  YOEK  STOCK  EXCHANGE. 

CONSTITUTION. 

ARTICLE  I. 

Title  of  the  Association. 

THE  title  of  this  Association  shall  be  "  THE  NEW 
YORK  STOCK  EXCHANGE." 

ARTICLE  II. 
Officers'  Elections,  <&c. 

A  President,  First  and  Second  Vice-Presidents, 
Treasurer,  Secretary,  Assistant-Secretary  and  Roll- 
Keeper,  shall  be  elected  by  ballot,  on  the  second  Mon- 
day of  May,  annually,  and  in  case  any  vacancy  shall 
occur  in  either  of  the  said  offices,  by  death,  resigna- 
tion, or  from  any  other  cause,  a  new  election  shall  be 
held  forthwith,  to  supply  such  vacancy  or  vacancies. 

ARTICLE  III. 

Duty  of  the  President  and  Vice-Presidents. 
It  shall  be  the  duty  of  the  President  to  see  that  the 


10  STOCK  EXCHANGE    MANUAL. 

several  provisions  of  the  Constitution  and  By-Laws  are 
enforced,  and  have  a  care  of  the  general  interests  of 
the  Board.  He  shall  be  entitled  to  preside  over  the 
Board  during  debate,  whenever  he  may  elect  to  do  so. 

It  shall  be  the  duty  of  the  first  Vice-President  to 
call  the  Stocks  at  the  first,  or  morning  Board,  and  in 
the  absence  of  the  second  Yice-President,  at  the  second, 
or  afternoon  Board.  He  shall  also  preside  over  the 
Board  during  debate,  in  the  absence  of  the  President, 
or  when  the  President  shall  elect  not  to  preside.  He 
shall  pledge  himself  not  to  operate  in  Stocks,  directly 
or  indirectly,  for  himself  or  for  account  of  others. 

It  shall  be  the  duty  of  the  second  Vice-President 
to  call  the  Stocks  at  the  second  Board,  and,  in  the 
absence  of  the  first  Yice-President,  at  the  first  Board. 
He  shall  not  be  permitted  to  operate  in  Stocks,  during 
the  period  he  is  presiding.  The  Vice-Presidents,  while 
occupying  the  Chair,  shall  maintain  order  and  enforce 
the  rules. .  In  the  absence  of  both  the  Vice-Presidents, 
the  members  present  may  choose  a  Vice-President 
pro  tern.)  to  call  the  Stocks. 

ARTICLE  IV. 
Duty  of  the  Treasurer. 

It  shall  be  the  duty  of  the  Treasurer  to  receive  and 
take  charge  of  all  moneys,  and  render  a  statement  of 
the  funds,  on  the  second  Monday  of  May,  annually, 
and  at  such  other  times  as  the  Board  may  require. 

ARTICLE  V. 

Duty  of  the  Secretary  and  Assistant- Secretary. 

It  shall  be  the  duty  of  the  Secretary,  or  Assistant- 
Secretary,  to  make  a  full  and  faithful  record  of  the 
Time  purchases  and  sales,  which  record  shall  be  con- 


NEW  YORK   STOCK  EXCHANGE.  11 

sidered  as  binding  on  the  members ;  to  record,  in  a 
book  of  Minutes,  the  proceedings  of  the  Board,  and  to 
take  care  of  the  books  and  papers  of  the  Association. 

ARTICLE  VI. 
Duty  of  the  Roll-Keeper. 

It  shall  be  the  duty  of  the  Roll-Keeper  to  call  the 
names  of  the  members  at  the  opening  of  the  first,  or 
morning  session  of  the  Board ;  to  record  all  fines,  and 
report  on  the  first  day  of  May  and  November,  respect- 
ively, the  amount  levied  upon  each  member,  and  to 
collect  and  pay  the  same  into  the  hands  of  the  Treas- 
urer. 

ARTICLE  VII. 
Election  of  New  Members,  dec. 

The  election  of  new  members  shall  be  by  ballot,  and 
every  applicant  for  admission  shall  be  proposed  at  least 
ten  days  preceding  the  election,  and  eleven  black  balls 
shall  exclude.  If  rejected,  he  shall  not  be  re-nominated 
within  five  days  thereafter.  The  name  of  the  applicant 
shall  be  posted  in  some  conspicuous  place  in  the  Board 
room,  from  the  day  of  nomination  to  the  day  of  elec- 
tion, and  but  one  candidate  shall  be  balloted  for  on  the 
same  day.  No  election  shall  be  valid  unless  thirty  or 
more  votes  are  deposited  in  the  ballot-box. 

ARTICLE  VIII. 

Manner  of  Conducting  an  Election. 

At  an  election  for  a  member,  the  ballot-box  shall 

be  placed  in  charge  of  the  presiding  officer  of  the 

Board,  and  the  poll  shall  be  open  from  half-past  ten 

o'clock  to  the  conclusion  of  the  call  of  Stocks,  when  the 


12  STOCK   EXCHANGE   MANUAL. 

President  shall  request  any  member  who  has  not  voted, 
to  do  so.  The  President  shall  then  declare  the  result 
of  the  ballot.  The  name  of  the  candidate  shall,  during 
this  time,  be  conspicuously  placed  in  view  of  the  mem- 
bers, at  the  desk  of  the  Roll-Keeper. 

ARTICLE  IX. 
Eligibility. 

Any  person  shall  be  eligible  who  has  been  a  broker 
one  year,  or  an  apprentice  or  clerk  to  a  member  of  this 
Association  for  two  years,  immediately  preceding  the 
date  of  his  application  for  admission,  or  shall  be  a  mem- 
ber of  the  Philadelphia  Stock  Exchange.  Parties  nom- 
inating candidates  for  membership  of  this  Board,  shall 
state  to  the  Board  the  term  of  service  to  the  broker- 
age business,  of  the  candidate,  and  whether  as  broker 
or  clerk. 

ARTICLE  X. 
Initiation  Fee. 

The  initiation  fee  shall  be  three  thousand  dollars, 
except  in  the  case  of  a  clerk  to  a  member  of  the  New 
York  Stock  Exchange,  who  shall  have  been  such  clerk 
for  three  years  immediately  preceding  his  application 
for  admission.  The  initiation  fee  for  such  person  shall 
be  fifteen  hundred  dollars.  In  all  cases  when  the  initi- 
ation fee  shall  not  be  paid  up  within  five  days  after  the 
election  of  a  member,  and  his  notification  by  the  Sec- 
retary, such  election  shall  be  declared  void. 

ARTICLE  XI. 

Suspended  Member's  Re-Election,  &c. 
Any  member  who  fails  to  comply  with  his  con- 


NEW   YORK   STOCK   EXCHANGE.  13 

tracts,  or  becomes  insolvent,  shall  be  suspended  until 
he  has  settled  with  his  creditors.  On  his  application 
for  re-admission,  a  committee  of  five  members  shall  be 
appointed  by  the  President,  to  investigate  his  conduct 
and  the  cause  of  his  failure,  which  committee  shall  give 
notice  of  their  meeting,  for  three  consecutive  days ; 
after  which  they  shall  report  to  the  Board.  The  appli- 
cant may  then,  by  consent  of  a  majority  of  the  mem- 
bers present,  be  balloted  for  forthwith,  and  thirteen 
black  balls  shall  exclude.  If  rejected,  he  shall  not  be 
re-nominated  until  the  expiration  of  five  days,  and  his 
name  shall  be  posted  for  the  same  time,  and  the  elec- 
tion conducted  in  the  manner  prescribed  in  Article  8. 

ARTICLE  XII. 
Quorum,  dec. 

In  all  cases  a  majority  of  the  Board  shall  be  present 
to  transact  business,  other  than  the  calling  of  the 
Stocks ;  and  no  firm  shall  be  entitled  to  more  than  one 
vote,  except  for  the  alteration  of  the  Constitution  and 
By-Laws.  Two  or  more  members  of  a  firm  shall  not 
transact  business  at  the  Board  at  the  same  time. 

ARTICLE  XIII. 
Questions  of  Order. 

The  President,  for  the  time  being,  shall  settle  all 
questions  of  order. 

ARTICLE  XIV. 
Fictitious  Sales. 

No  fictitious  sales  or  contracts  shall  be  made  at 
this  Board.  Any  member  contravening  this  Article, 
shall,  upon  conviction  thereof,  be  expelled. 


14  STOCK   EXCHANGE   MANUAL. 

ARTICLE  XY. 

Payments  and  Transfer,  in  Certain  Cases,  to  be 
Simultaneous. 

In  all  sales  of  Stocks  transferable  in  this  City 
either  party  shall  have  the  right  to  require  the  pur 
chase-money  to  be  paid  at  the  time  and  place  of  trans- 
fer, or  delivery. 

ARTICLE  XVI. 
Bond  Committee. 

A  standing  committee  of  five  shall  be  elected  by 
ballot,  on  the  second  Monday  of  May,  annually,  whose 
duty  it  shall  be  to  pass  upon  questions  relative  to  se- 
curities dealt  in  at  the  Board;  and  said  committee  shall 
have  power  to  consult  counsel,  and  employ  a  Sec 
retary. 

ARTICLE  XVII. 
Commissions. 

No  member  shall  charge  a  less  commission  than  the 
following  rates  :  One  quarter  of  one  per  cent,  on  the 
par  value  of  all  Stocks,  Securities  and  Gold,  bought 
and  sold,  except  for  Bankers,  Stock  and  Exchange 
Brokers,  and  Stock  Jobbers :  for  whom  the  commission 
shall  not  be  less  than  one-eighth  of  one  per  cent,  on  the 
par  value.  The  charge  for  buying  or  selling  Stocks, 
Securities,  or  Gold,  for  sitting  members,  shall  be  one- 
eighth  of  one  per  cent.,  unless  otherwise  agreed  upon. 
Any  return  of  commission  by  a  member,  or  any 
arrangement  whatever  whereby  the  commission  paid, 
or  to  be  paid,  shall  be  less  than  that  called  for  in  the 
foregoing  rule,  shall  be  considered  a  violation  of  the 


NEW    YOKK   STOCK   EXCHANGE.  15 

same.  A  standing  committee  of  five  shall  be  appointed 
by  the  Chair,  whose  duty  it  shall  be  to  report  to  the 
Board  any  violation  of  this  Article  which  may  come  to 
their  knowledge ;  and  any  member  so  reported  shall, 
upon  conviction,  be  suspended  for  a  period  not  less 
than  sixty  days,  nor  more  than  twelve  months,  at  the 
pleasure  of  the  Board  ;  and  upon  a  repetition  and  con- 
viction, the  party  shall  be  declared  no  longer  a  member 
of  the  Board,  and  never  after  be  eligible  to  membership. 

ARTICLE  XVIII. 

Board  takes  Cognizance  of  all  Debts. 
All  debts,  without  distinction,  are  binding  upon  the 
members  of  this  Board,  and  the  Board  may  take  cog- 
nizance of  them  upon  complaints  properly  made  and 
presented. 

ARTICLE  XIX. 

Altering  Constitution  or  By-Laws. 
No  motion  for   altering  the  Constitution,  or  By- 
Laws,  shall  be  acted  upon  until  at  least  ten  days  after 
the  motion  has  been  submitted  in  writing,  unless  by 
the  unanimous  consent  of  the  Board. 

ARTICLE  XX. 
Constitutional  Vote. 

No  alteration  of  the  Constitution  or  By-Laws,  shall 
be  made  unless  by  the  consent  of  two-thirds  of  the 
members  present. 

ARTICLE  XXI. 
Penalty  for  2?on-  Compliance  with  Constitution, 

By-Laws,  <&c. 
Any  member  reported  to  the  Board  for  refusing  to 


16  STOCK   EXCHANGE   MANUAL. 

comply  with  the  foregoing  Rules,  or  with.the  By-Laws, 
may  have  a  hearing  before  the  Board,  and  if  the  Board 
decide  that  the  complaint  is  proved,  two-thirds  of  the 
members  present  may,  if  he  persists  in  his  refusal,  de- 
clare him  no  longer  a  member. 


BY-LAWS. 

ARTICLE  I. 

FIRST  BOARD — Order  of  Business. 
The  hours  of  business  of  the  First  Board,  or  morn- 
ing session,   shall  be  from  ten-and-a-half  to  twelve 
o'clock,  A.  M.,  and  the  order  of  business  shall  be  as 
follows,  viz. : 

1.  Calling  the  Roll. 

2.  Reading  the  Minutes  of  the  preceding  day,  other 
than  those  of  the  purchases  and  sales. 

3.  Notices  of  election. 

4.  Calling  the  regular  list  of  Stocks. 

5.  Calling  Stocks  not  on  the  regular  list,  at  the 
request  of  members. 

6.  Reports,  resolutions,  motions,  and   such   other 
business  as  may  properly  come  before  the  Board. 

ARTICLE  II. 

Placing  Stocks  on  Regular  List. 

No   Stocks  or  Bonds  shall  be  placed  on  the  list 

regularly  called  at  the  First  Board,  except  by  a  vote 

of  a  majority  of  members  present;  and  all  applications 

for  the  placing  of  Stocks  on  the  regular  list,  shall  be 


NEW   YORK   STOCK   EXCHANGE.  17 

made  directly  to  the  Board,  with  a  full  statement  of 
the  capital,  number  of  shares,  resources,  &c. 

ARTICLE  III. 
Stocks  not  on  the  Regular  List  may  be   Galled  by 

Paying  a  Fine. 

After  the  regular  list  has  been  once  called  over  by 
the  presiding  officer,  any  stock  not  on  the  regular  list 
may  be  called  up,  the  party  calling  it  paying  a  fine 
thereof  of  twenty-five  cents ;  except  such  Stocks  as 
shall  be  objected  to  by  a  vote  of  the  Board.  Should 
there  then  sufficient  time  remain,  any  Stock  on  the 
regular  list  may  be  called  up  a  second  time,  the  party 
calling  it  paying  a  fine  of  twelve-and-a-half  cents  ;  and 
parties  calling  up  Stocks  having  the  privilege  of 
making  the  first  offer.  No  Stock  shall  be  called  up 
more  than  twice  during  the  morning  session. 

ARTICLE  IV. 

SECOND  BOARD — Time  of  Business,  &c. 
The  Second  Board,  or  afternoon  session,  shall  con- 
vene at  half-past  two  o'clock,  P.  M.,  and  adjourn  at 
three  o'clock,  P.  M.,  when  the  bell  shall  be  rung.  It 
shall  be  the  duty  of  the  Secretary  to  have  the  doors 
closed  at  four  o'clock ;  and  any  member  remaining  in 
the  room  beyond  that  time,  after  having  been  duly 
notified  to  leave,  shall  be  subject  to  a  fine  of  five  dol- 
lars. 

ARTICLE  V.  " 

Duty  of  Roll-Keeper  at  Second  Board. 
The  Roll-Keeper   shall  be   in   attendance   at   the 
Second  Board  to  record  all  fines  imposed,  and  to  dis- 


18  STOCK   EXCHANGE  MANUAL. 

charge  the  duties  devolving  on  him  under  the  rules 
governing  the  business  of  the  morning  session,  which 
shall  have  full  force  and  effect  during  the  afternoon 
session,  unless  otherwise  specially  provided. 

ARTICLE   VI. 

List  of  Stocks  to  be  Called  at  Second  Board. 

The  President  and  Vice-President  shall  prepare  a 

list  for  the  regular  afternoon  call,  which  shall  include 

the  leading  active  Stocks;  the  list,  upon  revisal,  to  be 

added  to,  or  abridged,  as  their  judgment  may  dictate. 

ARTICLE  VII. 

No  Roll  Called  at  Second  Board. 
No  Roll  shall  be  called,  nor  shall  there  be  any  fines 
for  non-attendance,  and  no  business,  other  than  the  call 
of  Stocks,  shall  be  transacted  at  the  Second  Board. 

ARTICLE  VIII. 
Order  of  Business  at  the  Second  Board. 

1.  Call  of  the  regular  list. 

2.  Call  of  such  other  Stocks,  not  on  the  regular 
list,  as  may  be  desired  by  members :   said  members 
paying  therefbr  the  usual  fine  ;  but  no  Stocks  shall  be 
called  not  on  the  regular  morning  list. 

3.  Return  to  second  call  of  Stocks ;  but  no  Stock 
shall  be  called  more  than  three  times. 

ARTICLE  IX. 

The  Minimum  Amount  that  may  ~be  Offered. 
Stocks  and  Specie  shall  not  be  offered  at  this  Board 
in  less  sums  than  five  hundred  dollars  ;  and  no  offer  be 


NEW   YORK   STOCK   EXCHANGE.  19 

permitted  under  one  quarter  per  cent.,  unless  for  sums 
of  one  thousand  dollars  and  upwards. 

ARTICLE  X. 
The  term  "  About." 

In  all  contracts  when  the  term  about  is  used,  either 
as  to  the  time  or  number  of  shares,  the  variation  of  the 
former  shall  not  be  more  than  three  days,  nor  the 
latter  more  than  ten  per  cent. ;  and  when  no  specifica- 
tion is  made  by  the  parties,  before  two  o'clock  of  the 
same  day ;  the  Minutes  of  the  Board  shall  be  binding, 
regardless  of  the  term  about. 

ARTICLE  XL 

Stocks  Falling  Due  on  Holidays. 
All  sales  made  at  this  Board  shall  be  settled  for  the 
next  day,  unless  expressed  to  the  contrary ;  and  all 
contracts  falling  due  on  Sunday,  or  on  such  holidays  as 
are  observed  by  the  Banks,  shall  be  settled  on  the 
preceding  day. 

ARTICLE  XII. 
Hour  before  which   Stocks  shall  be    Called  for,  or 

Delivered. 

In  all  sales  or  contracts  between  members  of  the 
Board,  the  party  to  receive  the  same  shall  not  be 
bound  to  take  it  after  a  quarter-past  two  o'clock,  P. 
M.,  but  may  postpone  the  same,  without  being  charged 
interest,  to  the  following  day  ;  and  any  member  having 
a  right  to  call  on  another  for  Stock,  shall  demand  the 
same  before  the  hour  above  specified,  or  be  subject  to 
a  continuance  of  the  contract  until  the  following  day. 


20  STOCK   EXCHANGE   MANUAL. 

ARTICLE  XIII. 
All  Offers  Binding. 

All  offers  for  Stock,  &c.,  made  and  accepted,  shall 
be  binding,  whether  called  by  the  President  or  not ; 
and  in  case  there  are  two  or  more  claimants  for  the 
purchase,  or  sale  of  stock,  the  President  shall  decide 
the  same,  or  he  may  appeal  to  the  Board  for  their  de- 
cision. 

If  an  appeal  be  made  from  the  decision  of  the 
President,  and  the  appeal  be  seconded  by  two  mem- 
bers, the  question  shall  be  put  to  vote. 

ARTICLE  XIV. 

Contracts  Maturing  during  the  Closing,  <&c. 
All  contracts  in  Stocks  falling  due  during  the  re- 
gular closing  of  the  transfer-books  of  any  Company, 
shall  be  settled  at  maturity,  by  the  delivery  of  a  satis- 
factory Certificate  and  Power  of  Attorney ;  and  con- 
tracts at  the  option  of  the  buyer  or  seller  may  be 
notified  for  settlement,  as  if  the  books  were  open  ;  and 
in  case  the  books  are  closed  for  dividend,  the  party 
entitled  thereto  shall  receive  a  satisfactory  due-bill 
therefor  ;  and  in  all  transactions  exceeding  one  hundred 
shares,  the  purchaser  shall  have  the  right  to  require 
the  delivery  in  Certificates  of  not  more  than  one 
hundred  shares  each. 

ARTICLE  XV. 

Contracts   Over  Three  Days. 
In  all  contracts  on  time  over  three  days,  made  at 
the  option  of  the  buyer  or  seller,  one  day's  notice  shall 
be  given  before  Stocks  can  be  delivered  or  demanded, 


NEW   YORK   STOCK  EXCHANGE.  21 

and  such  notice  shall  be  given  at  or  before  two  o'clock, 
P.M. 

ARTICLE  XVI. 

No  Interest  on  Sales  Seller  Three. 
No  purchase  or  sale,  at  the  option  of  the  buyer  or 
seller,  for  three  days,  shall  bear  interest.  All  purchases 
and  sales  beyond  that  time  shall  be  with  interest, 
unless  otherwise  expressed.  No  offer  of  interest  for 
purchase  or  sale  of  Stock  at  three  days  shall  be  allowed. 

ARTICLE  XVII. 

Seller  and  Buyer  Three  after  Opening. 
On  all  purchases  and  sales  made  at  the  option  of 
the  buyer  or  seller,  "  three  days  after  the  opening," 
while  transfer-books  are  closed,  interest  shall  cease  on 
the  opening  of  the  Books. 

ARTICLE  XVIII. 

Interest  on  Contracts  Passed  Due. 
When  contracts  on  interest  are  not  closed  at  ma- 
turity, the  interest  shall  continue  until  otherwise  stip- 
ulated by  the  parties. 

ARTICLE  XIX. 
Dividends  Settled,  &c. 

When   dividends  are  settled,  interest  shall  be  de- 
ducted at  the  same  time. 

ARTICLE  XX. 
No    Cognizance  taken  of   Contracts    Twelve  Months 

after  ^Expiration. 
The  Board  will  take  no  cognizance  of  contracts 


22  STOCK  EXCHANGE  MANUAL. 

after  having  expired  twelve  months,  unless  continued 
by  mutual  consent. 

ARTICLE  XXI. 

JVb  Contracts  to  be  made  over  Sixty  Days. 
No  contracts  for  the  receipt  or  delivery  of  Stocks, 
&c.,  beyond  sixty  days,  shall  be  made  at  the  Board. 
This  rule  shall  apply  to  all  contracts  made  in  the  room, 
whether  the  Board  is  or  is  not  in  session. 

ARTICLE  XXII. 

Interest  on  Treasury  Notes,  <&c. 
In  all  cash  transactions  in  Treasury  notes,  or  debt 
Certificates,  the  accrued  interest  shall  be  paid  by  the 
buyer ;  and  in  all  time  contracts,  the  premium  and  ac- 
crued interest,  up  to  the  time  of  entering  into  the  con- 
tract, shall  become  a  part  of  the  principal,  and  bear 
interest  at  the  rate  of  six  per  cent.,  and  in  all  cases,  the 
buyer  shall  be  entitled  to  receive  Notes  or  Certifi- 
cates, bearing  interest  from  the  date  of  contract,  or 
the  equivalent. 

ARTICLE  XXIII. 
Interest  to  go  to  the  Purchaser, 
The  accrued  interest  on  all  Stocks  and  Bonds,  not 
especially  excepted  in  the  By-Laws,  shall  go  to  the 
purchaser. 

ARTICLE  XXIV. 
Sale  of  Dividends. 

No   dividend    on    Stocks    shall    be    sold    at    the 
Board. 


NEW   YORK   STOCK  EXCHANGE.  23 

ARTICLE  XXV. 
Rate  of  Interest. 

In  all  time  bargains,  the  rate  of  interest  shall  be 
BIX  per  cent.,  to  be  calculated  by  days,  according  to 
Bank  usage. 

ARTICLE  XXVI. 

/Specific  Number  of  /Shares  to  be  Offered. 
In  all  offers  to  buy  or  sell,  the  offer  shall  be  accom- 
panied with  some  specific  number  of  shares,  the  par 
value  of  which  shall  not  be  less  than  five  hundred 
dollars. 

ARTICLE  XXVII. 

Transfer-Books  Closed  by  Legal  Impediment,  how  De- 
liveries shall  be  Made. 

Whenever  the  Transfer-Books  of  an  institution 
shall  be  closed  by  any  legal  impediment,  so  as  to  ren- 
der their  being  open  again  uncertain,  then  the  deliv- 
eries of  Stock  of  such  institution,  in  satisfaction  of  con- 
tracts, shall  be  made  by  notarial  power  of  attorney 
irrevocable,  containing  assignment,  and  bill  of  sale,  and 
certificate;  the  papers  to  be  satisfactory  to  the  re- 
cipients, or  passed  upon  by  the  Board. 

ARTICLE  XXVIII. 

A  Deposit  on  Contracts  may  be  Required. 
In  any  time  bargain,  made  at  the  Board,  either  con- 
tracting party  may  require  of  the  other  to  make  a 
deposit  of  not  more  than  ten  per  cent.,  as.  security  for 
the  fulfilment  of  the  contract,  and  notice  of  such  re- 
quirement shall  be  given  on  or  before  two  o'clock,  P.  M, 


24  STOCK   EXCHANGE   MANUAL. 

On  contracts  made  at  the  Second  Board,  such  notice 
shall  be  given  on  or  before  ten  o'clock,  A.  M.,  of  the 
next  day  ;  and  in  the  event  of  the  party  so  called  upon 
refusing  to  comply  by  half-past  two  o'clock,  P.  M.,  of 
the  same  day,  the  party  calling  shall  report  the  same 
to  some  officer  of  the  Board,  whose  duty  it  shall  be  to 
re-purchase,  or  re-sell  the  same  (without  commission), 
and  collect  any  difference  that  may  accrue,  and  pay 
over  to  the  party  entitled  thereto. 

ARTICLE  XXIX. 

Deposit  not  to  be  offered  as  Principal. 
No  sale  of  Stock  shall  be  made  on  which  a  deposit 
shall  be  offered  as  principal. 

AETICLE  XXX. 

When  Principal  is  surrendered,  Deposit  may  be  Re- 
quired. f 

Whenever  a  principal  is  voluntarily  surrendered,  a 
deposit  of  ten  per  cent,  shall  be  made,  if  required  by 
the  other  party. 

ARTICLE  XXXI. 
Place  of  Deposit. 

Where  there  is  a  difference  of  opinion  as  regards 
the  place  of  deposit,  for  the  security  of  purchases  and 
sales  of  Stock,  the  same  shall  be  made  in  the  New- York 
Life  and  Trust  Company. 

ARTICLE  XXXIL 
Finance  Committee. 

There  shall  be  a  Finance  Committee,  consisting  of 
the  President,  First  Vice-President,  and  Treasurer,  who 


NEW   YORK   STOCK   EXCHANGE.  25 

shall  have  charge  of  the  funds  belonging  to  the  Board, 
and  invest  the  surplus  funds  in  such  Stock  or  Stocks  as 
they  may  think  advisable. 

AETICLE  XXXIII. 
Applications  for  Donations. 

In  all  cases  of  applications  to  the  Board  for  charita- 
ble donations,  the  President  shall  appoint  a  committee 
of  three  members,  whose  duty  it  shall  be  to  inquire 
into  the  condition  of  the  Treasury,  and  also  to  investi- 
gate the  merits  of  such  applications ;  they  shall  then 
report  the  same  to  the  Board,  with  such  recommenda- 
tions as  they  may  deem  proper,  the  Board  reserving  to 
itself  the  power  of  confirming  or  rejecting  the  recom- 
mendations of  the  committee, 

ARTICLE  XXXIV. 

No  Appropriation  to  be  made  unless  Funds  exceed  Five 
Thousand  Dollars. 

No  appropriation  to  objects  of  charity  (except  to 
indigent  members  and  their  families)  shall  be  made  by 
the  Board,  unless  the  surplus  funds  shall  exceed 
five  thousand  dollars ;  and  no  appropriation  whatever 
of  funds  of  the  Board  shall  be  made  (except  for  the 
ordinary  expenses  of  the  same),  unless  two-thirds  of  the 
members  present  shall  by  vote  concur  therein. 

ARTICLE  XXXV. 

Resolutions. 

No  notice  shall  be  taken  of  any  resolution  or  resolu- 
tion?, unless  submitted  in  writing. 
2 


26  STOCK   EXCHANGE  MANUAL. 

ARTICLE  XXXVI. 
Access  to  the  Minutes. 

No  person  sliall  have  access  to  the  Minutes  of  the 
Board,  except  the  members,  or  their  partners. 

ARTICLE  XXXVII. 

No  ^Business  before  Catting  the  Stocks. 
Except  by  unanimous  consent,  no  business  shall  be 
transacted  previous  to  the  calling  of  the  Stocks. 

ARTICLE  XXXVIII. 
Introduction  of  Strangers. 

No  member  shall  be  permitted  to  introduce  a 
etranger  into  the  Board-room  during  the  hours  of  busi- 
ness, until  he  shall  have  first  written  the  name  of  the 
stranger,  together  with  his  own  name,  upon  a  slip  of 
paper,  and  obtained  the  consent  of  the  President. 

ARTICLE  XXXIX. 

Communications  Influencing  the  Market. 
No  letters  or  communications,  having  a  tendency  to 
influence  Stocks,  shall  be  read  publicly  at  the  Board, 
without  first  being  presented  to  the  President,  and  duly 
authorized. 

ARTICLE  XL. 

Using  Indecorous  Language — Punishment. 
Any  member  of  the  Board  who  shall  be  guilty  of 
indecorous  language,  or  conduct,  toward  another  mem- 
ber, while  in  session,  shall,  by  a  vote  of  two-thirds  of 
the  members  present,  be  suspended  from  his  seat  at  the 
Board,  for  not  less  than  one  week,  nor  more  than  one 


NEW   YORK   STOCK   EXCHANGE.  27 

month  ;  and  a  repetition  of  the  offence  shall  subject  the 
party  so  offending  to  expulsion,  and  he  shall  not  again 
be  admitted,  unless  by  consent  of  two-thirds  of  the 
members  present. 

ARTICLE  XLI. 

Discussions — No  Member  allowed  to  Speak  more  than 

Twice. 

When  any  question  is  before  the  Board,  no  member 
shall  speak  more  than  twice  without  permission  from 
the  President,  nor  shall  any  member  interrupt  another 
while  speaking. 

ARTICLE  XLII. 

Presiding  Officer  not  to  Discuss  Questions  while  in  the 
Chair. 

In  all  discussions  arising  in  the  Board,  the  Presiding 
Officer  shall  not  participate ;  but,  wishing  to  do  so,  he 
shall  call  some  other  person  to  the  Chair. 

ARTICLE  XLIII. 

Fine  for  Leaving  the  Room. 

Any  member  leaving  the  Board-room  during  the 
calling  of  the  Stocks,  without  permission  from  the  Pre- 
sident, shall  be  fined  twelve-and-a-half  cents. 

ARTICLE  XLIV. 
Fine  for  deceiving  a  Communication. 

Any  member  receiving  a  communication  while  the 
First  Board  is  in  session,  or  sending  one  away,  shall  be 
fined  therefor  twelve-and-a-half  cents. 


28  STOCK    EXCHANGE   MANUAL. 

ARTICLE  XLV. 

Fine  for  Non-Attendance  at  a  Special  Meeting. 

When  any  special  meeting  of  the  Board  shall  be  ap- 
pointed, the  fine  for  non-attendance  may,  by  a  vote  of 
two-thirds  of  the  members  present,  be  increased  to  a 
sum  not  exceeding  five  dollars. 

ARTICLE  XLVI. 

Yearly  Commutation  for  Absence. 
Any  member  shall  be  permitted  to  commute  in  fines 
annually,  for  absence  from  the  Board,  for  the  sum  of  ten 
dollars. 

ARTICLE  XLVII. 

Semi-Annual  Fines  for  Active  Members. 
The  minimum  fines  for  all  active  members  of  the 
Board  shall  be  twenty-five  dollars,  semi-annually. 

ARTICLE  XLVIII. 
Fine  for  Non-Attendance. 

The  fine  for  non-attendance  at  roll-call  shall  be  six 
and  a  quarter  cents,  unless  excused  by  the  President. 

ARTICLE  XLIX. 

Fine  for  Interrupting  the  President. 
Any  member  interrupting  the  President,  while  call- 
ing the  Stocks,  by  speaking,  or  otherwise,  shall  pay  a 
fine  of  not  less  than  six-and-a-quarter,  nor  more  than 
twenty-five  cents  for  each  offence,  at  the  discretion  of 
the  President,  from  which  there  shall  be  no  appeal ;  and 
the  levying  of  all  fines  shall  rest  exclusively  with  the 
Presiding  Officer. 


NEW    YORK    STOCK    EXCHANGE.  29 

ARTICLE  L. 

Fine  for  Standing  on  Tables  or  Chairs. 
Any  member  who  shall  stand  on  either  the  tables  or 
chairs,  or  shall  otherwise  injure  the  furniture  of  the 
Board,  shall  be  subject  to  a  fine  of  one  dollar. 

ARTICLE  LI. 
Fine  for  Smoking. 

Any  member  smoking  in  the  Board-room,  or  in  the 
ante-rooms,  shall  be  fined  five  dollars. 

ARTICLE  LIT. 

Neglect  to  Pay  Fines  for  One  Year. 
Any  member  who   shall  absent  himself  from  the 
Board  for  the  period  of  one  year,  and  omit  to  commute, 
or  shall  neglect  to  pay  his  fines  for  that  period,  shall  no 
longer  be  considered  a  member. 

ARTICLE  LI II. 
In  Case  of  Default,  Stocks  to  be  Bought  or  Sold  by 

an  Officer  of  the  Board. 

Should  any  member  neglect  to  fulfil  his  contract  on 
the  day  it  becomes  due,  after  having  been  duly  notified, 
the  party  contracting  with  him  shall  employ  one  of  the 
officers  of  the  Board  to  purchase  or  sell  the  Stock  (as 
the  case  may  be),  between  half-past  two  and  three 
o'clock  of  the  same  day,  accounting  with  the  member 
in  default,  for  any  surplus,  or  charging  him  with  any 
deficiency.  But  should  there  be  no  second  Board,  by 
reason  of  adjournment  or  otherwise,  then  the  purchase 
or  sale  under  this  rule  shall  be  made  on  the  first  call 


80  STOCK   EXCHANGE   MANUAL. 

of  the  Stock,  at  the  next  ensuing  regular  session  of  the 
Board. 

ARTICLE  LIV. 

Closing  Contracts  in  Case  of  Failure. 
In  case  of  the  failure  of  any  member  of  the  Board, 
all  outstanding  contracts  with  him  shall  be  adjusted  by 
the  prices  of  the  Board  on  the  day  they  become  due. 

ARTICLE  LV. 
Black  List. 

Each  arid  every  member  shall  report  publicly  to  the 
Board  the  name  of  every  person  who  shall  violate  his 
engagements  with  him  as  Broker.  And  it  shall  be  the 
duty  of  the  Secretary  to  keep  a  book  for  the  purpose 
of  registering  the  name  of  every  person  reported  as  a 
defaulter  (together  with  his  address),  and  the  name  of 
the  Broker  who  shall  complain :  there  to  remain  until 
the  debt  that  may  have  accrued  through  the  medium 
of  the  member,  in  his  capacity  as  Broker,  be  liquidat- 
ed. So  long  as  the  name  of  said  defaulter,  or  default- 
ers, continue  registered  upon  the  books  of  the  Board, 
no  member  shall  execute,  or  cause  to  be  executed,  any 
business  for  him  or  them,  under  pain  of  immediate  sus- 
pension. 

ARTICLE  LYI. 

Members  Suspended  for  one  Year,  forfeit  Seats. 

All  members  of  this  Board  who  have  been  suspend- 
ed for  one  year  and  upwards,  and  who  have  not  made 
a  satisfactory  settlement  of  their  contracts,  during  that 
time,  shall  be  deprived  of  all  privileges  of  membership 
of  this  Board. 


NEW   YORK   STOCK  EXCHANGE.  31 

ARTICLE  LVII. 
Ayes  and  Noes. 

The  ayes  and  noes  shall  not  be  called  for,  upon  any 
question,  excepting  at  the  request  of  five  members  of 
the  Board. 

ARTICLE  LVIII. 
No  Offers  to  make  Bets,  €&c. 

No  offers  to  make  bets,  or  to  buy  or  sell  privileges 
to  receive  or  to  deliver  Stocks,  &c.,  shall  be  allowed  in 
the  Board-room. 

ARTICLE  LIX. 

Transfer  from  the  Free,  to  Regular  List. 
The  President  may  transfer  such  Stocks  as  he  may 
think  proper  from  the  free  to  the  regular  list. 

ARTICLE  LX. 

Against  Visiting  Other  Organizations. 
Any  member  of  this  Board  uniting  with  any  other 
organization  where  Stocks,  Bonds,  &c.,  are  dealt  in,  or 
who  shall  visit  the  rooms  where  such  dealings  are  had, 
shall  cease  to  be  a  member  of  this  Board. 

ARTICLE  LXI. 

Deliveries  of  Stock  by  Certificate  and  Power. 
In  the  delivery  of  Stock,  of  which  but  one  transfer 
in  a  day  is  allowed,  the  receiver  shall  have  the  option 
of  receiving  said  stock  by  Certificate  and  Power,  in  the 
name  of,  witnessed  or  guaranteed  by  a  member  of  the 
Board,  or  a  firm,  or  a  member  of  a  firm  represented  at 
the  Board,  or  by  transfer  thereof. 


32  STOCK   EXCHANGE   MANUAL. 

II. 

CONSTITUTION  AND  BY-LAWS  OF  THE 
NEW  YORK  GOLD  EXCHANGE. 


President — HENRY  M.  BENEDICT. 
Vice-Presidents — THOMAS  P.  AKEKS  and  RANDALL 
H.  FOOTE. 

Secretary — JOSEPH  WIN  MOSES. 
Treasurer — THEODORE  GENTTL. 


CONSTITUTION. 

ARTICLE  I. 
Title. 

The  title  of  this  association  shal)  be  "THE  NEW 
YORK  GOLD  EXCHANGE." 

ARTICLE  II. 
Officers. 

The  officers  of  this  association  shall  consist  of  a 
President,  two  Vice-Presidents,  Treasurer,  Secretary, 
and  Moderator,  who  shall  be  elected  by  ballot  on  the 
third  Monday  of  October,  annually,  to  serve  for  one 
year,  or  until  a  new  election ;  and  in  case  any  vacancy 
shall  occur  by  death,  resignation,  or  any  other  cause,  a 
new  election  shall  be  held  forthwith. 


NEW    YORK   GOLD   EXCHANGE.  33 

ARTICLE  III. 
Finance  Committee. 

There  shall  be  a  Finance  Committee,  to  consist  of 
the  President,  Vice-Presidents,  and  Treasurer,  who 
shall  take  charge  of  the  funds  belonging  to  the  Board, 
and  invest  the  surplus  funds  in  such  securities  as  they 
may  think  advisable. 

ARTICLE  IV. 
Duty  of  President. 

It  shall  be  the  duty  of  the  President,  and  in  his 
absence  of  one  of  the  Vice-Presidents,  to  preside  at  all 
meetings  of  the  Board,  to  maintain  order,  and  enforce 
its  rules.  In  the  absence  of  the  President  and  Vice- 
Presidents,  the  Moderator  shall  preside. 

ARTICLE  V. 
Duty  of  Secretary. 

It  shall  be  the  duty  of  the  Secretary  to  record  in  a 
book  of  minutes  the  proceedings  of  the  Board  and  take 
charge  of  all  books  and  papers,  to  keep  a  record  of  its 
members,  to  record  all  fines,  and  to  report  once  in  six 
months — on  the  first  Monday  in  April  and  October 
respectively — the  amount  levied  on  each  member,  and 
to  collect  and  pay  the  same  into  the  hands  of  the 
Treasurer. 

ARTICLE  VI. 
Duty  of  Treasurer. 

It  shall  be  the  duty  of  the  Treasurer  to  receive  and 
take  charge  of  all  moneys,   to  pay  all  bills,   and  to 
render  a  statement  on  the  third  Monday  in  April  and 
2* 


34  STOCK   EXCHANGE   MANUAL. 

October,  or  at  such  other  times  as  the  Board  may  re- 
quire. 

ARTICLE  V'H. 
Duty  of  Moderator. 

It  shall  be  the  duty  of  the  Moderator  to  preside  at 
the  daily  sessions  of  the  Exchange ;  to  preside  at  all 
meetings  in  the  absence  of  the  President  and  Vice- 
Presidents  ;  and  to  attend  generally  to  the  interests  of 
this  Exchange  as  an  Executive  Officer. 

ARTICLE  VIII. 
Arbitration  Committee. 

The  Arbitration  Committee  shall  consist  of  a  Chair- 
man, to  be  elected  annually  by  ballot,  and  to  serve  for 
one  year,  and  two  members  to  be  appointed  by  the 
President  every  Monday  to  serve  for  one  week.  It 
shall  be  the  duty  of  said  Committee  to  take  cogniz- 
ance of  and  exercise  jurisdiction  over  all  claims  and 
matters  of  difference  between  the  members  of  the 
Board,  and  their  decision  shall  be  binding, 

Provided,  however,  that  an  appeal  from  their  judg- 
ment may  be  taken  to  the  Board  of  Appeals  upon  the 
condition  that  notice  be  given  by  the  appellant  to  the 
appellee  within  one  week  after  the  rendition  of  the 
verdict  of  the  Arbitration  Committee,  of  his  intention 
to  appeal  the  case,  and  that  he  has  deposited  with  the 
Treasurer  of  the  Board  a  sum  which  in  the  judgment 
of  the  said  Treasurer  is  sufficient  to  secure  the  claim, 
together  with  the  costs  of  the  appeal. 

The  Chairman  of  the  Arbitration  Committee  shall 
be  entitled  to  a  fee  of  $15  for  every  case,  which  shall 
be  paid  by  the  losing  party. 


NEW   YORK   GOLD   EXCHANGE.  35 

The  Board  of  Appeals  shall  consist  of  three  members; 
to  be  elected  annually,  by  ballot,  to  serve  for  one  year 
— whose  duty  it  shall  be  to  take  cognizance  of  all  cases 
of  appeal  from  the  judgment  of  the  Arbitration  Com- 
mittee, which  shall  be  made  in  accordance  with  the 
provisions  of  this  By-Law ;  and  each  member  sitting 
upon  a  case  shall  be  entitled  to  a  fee  of  $5,  payable  by 
the  losing  party. 

ARTICLE  IX. 

Applications  for  Membership. 
The  election  of  new  members  shall  be  by  ballot, 
and  every  applicant  for  admission  shall  be  proposed  at 
least  six  days  preceding  the  election ;  and  six  black 
balls  shall  exclude.  If  rejected,  he  shall  not  be  renom- 
inated  within  five  days  thereafter.  The  name  of  the 
applicant  shall  be  posted  in  a  conspicuous  place  in  the 
Board-room,  from  the  day  of  his  nomination  to  the  day 
of  election.  But  one  candidate  shall  be  balloted  for  on 
the  same  day.  No  election  shall  be  valid  unless  thirty 
or  more  votes  are  deposited. 

ARTICLE  X. 
Members. 

Every  member  of  this  Board  shall  be  a  licensed 
banker  or  broker. 

ARTICLE  XL 

Qualifications  for  Membership. 

No  person  shall  be  eligible  to  membership  of  this 

Board  who  has  not  been  a  broker  or  banker  one  year, 

or  a  clerk  to  a  member  of  this  association  for  two  years 

immediately  preceding  the  period  of  his  application  for 


36  STOCK   EXCHANGE   MANUAL. 

admission.    This  rule  may  be  suspended  in  special  cases 
by  a  vote  of  the  Board. 

ARTICLE  XII. 
Election  of  Members. 

At  all  elections  for  members,  the  ballot  box  shall  be 
placed  in  charge  of  the  Secretary  of  the  Board,  and  the 
polls  kept  open  from  10£  o'clock,  A.  M.,  to  12  o'clock, 
M.,  when  the  presiding  officer  shall  request  any  member 
who  has  not  voted  to  do  so.  The  presiding  officer  shall 
then  declare  the  result  of  the  ballot.  The  name  of  the 
candidate  shall  during  this  time  be  conspicuously  placed 
in  view  of  the  members,  at  the  desk  of  the  Secretary. 

ARTICLE  XIII. 
Initiation  Fee. 

The  initiation  fee  of  regular  members  shall  be  one 
thousand  dollars. 

ARTICLE  XIV. 
Annual  Dues. 

Every  member  shall  pay  the  sum  of  twenty-five 
dollars  annually  into  the  treasury  of  the  Board. 

ARTICLE  XV. 

Insolvent  or  Defaulting  Members. 
Every  member  who  fails  to  comply  with  his  con- 
tracts or  becomes  insolvent  shall  be  suspended  until  he 
settles  with  his  creditors.  On  his  application  for  re- 
admission,  a  committee  of  three  members  shall  be  ap- 
pointed by  the  President  to  investigate  his  conduct  and 
the  cause  of  his  failure,  who  shall  report  the  same  to 


NEW   YORK   GOLD   EXCHANGE.  37 

the  Board.  The  applicant  may,  by  consent  of  the 
majority  of  the  members,  be  eligible  for  re-admission 
as  prescribed  in  Article  VII. 

ARTICLE  XVI. 

Quorum. 

Thirty  members  of  the  Board  shall  constitute  a 
quorum. 

ARTICLE  XVII. 
Maintaining  Order. 

The  President  for  the  time  being  shall  settle  all 
questions  of  order. 

ARTICLE  XVIII. 

Fictitious  Sales. 

No  fictitious  sales  shall  be  made  at  this  Board.  Any 
member  contravening  this  article  shall,  upon  convic- 
tion thereof,  be  expelled. 

ARTICLE  XIX. 

Refusal  to  Comply  with  Rules,  <&c. 
Any  member  refusing  to  comply  with  the  foregoing 
Rules,  or  with  the  By-Laws,  may  have  a  hearing  before 
the  Board,  and  if  he  shall  persist  in  refusing,  two-thirds 
of  the  members  present  may  declare  him  no  longer  a 
member. 

ARTICLE  XX. 
Associate  Members. 

Merchants  and  others,  representing  leading  com- 
mercial interests,  may  become  associate  members  of 


38  STOCK   EXCHANGE  MANUAL. 

this  Exchange,  entitled  to  all  privileges  of  admission, 
by  the  unanimous  recommendation  of  the  officers  of  the 
Board,  on  the  payment  of  five  hundred  dollars  initia- 
tion fee ;  but  shall  not  deal  personally  in  gold  in  the 
rooms  of  the  Exchange,  nor  vote  at  the  meetings  of 
the  Board. 

ARTICLE  XXI. 

Motion  for  Amending  Constitution. 
No  motion  for  altering  the  Constitution  or  By-laws 
shall  be  acted  upon  until  at  least  ten  days  after  the  mo- 
tion has  been  submitted  in  writing,  unless  by  unani- 
mous consent  of  the  Board. 

ARTICLE  XXII. 
Amendment  of  Constitution. 

No  alteration  of  the  Constitution  or  By-laws  shall 
be  made  unless  by  consent  of  two-thirds  of  the  mem- 
bers present. 


BY-LAWS. 

RULE  I. 

The  hours  of  business  shall  be  from  10,  A.  M.,  to  3J 
o'clock,  P.  M. 

RULE  II. 
Regular  Sales. 

All  sales  at  this  Board  shall  be  settled  for  the  next 
day,  unless  expressed  to  the  contrary ;  and  all  contracts 


NEW   YORK    GOLD    EXCHANGE.  39 

falling  due  on  Sunday,  or  on  such  holidays  as  are  ob- 
served by  the  Banks,  shall  be  settled  on  the  preceding 
day. 

RULE  III. 

All  Offers  Made  and  Accepted  to  be  Binding. 
All  offers  for  gold  made  and  accepted  shall  be  bind- 
ing ;   and  in  case  there  are  two  or  more  claimants  for 
the  purchase  or  sale,  the  President  shall  decide  the 
same,  or  he  may  appeal  to  the  Board  for  decision. 

RULE  IV. 

Time  of  Delivery,  &c. 

In  all  sales  or  contracts  between  members  of  the 
Board,  the  party  to  receive  the  same  shall  not  be  bound 
to  take  it  after  a  quarter  past  two  o'clock,  P.  M.,  but 
may  postpone  the  same,  without  being  charged  interest 
to  the  following  day  ;  and  any  member  having  a  right 
to  call  on  another  for  gold  shall  demand  the  same  be- 
fore the  hour  above  specified,  or  be  subject  to  a  con- 
tinuance of  the  contract  until  the  following  day. 

RULE  V. 

One  Day  Notice  on  Time  Contracts. 
In  all  contracts  on  time  over  three  days,  made  at 
the  option  of  the  buyer  or  seller,  one  day's  previous 
notice  shall  be  given, -in  writing,  before  the  gold  can  be 
delivered  or  demanded,  and  such  notice  shall  be  given 
at  or  before  2  o'clock,  P.  M. 

RULE  VI. 

Sales  at  Three  Days'  Option. 
No  purchase  or  sale,  at  the  option  of  the  buyer  or 


40  STOCK   EXCHANGE   MANUAL. 

seller  for  three  days,  shall  bear  interest.  All  purchases 
and  sales  beyond  that  time  shall  bear  interest,  unless 
otherwise  expressed.  When  contracts  on  time  are  not 
closed  at  maturity,  interest  shall  continue  until  other- 
wise stipulated  by  the  parties. 

RULE  VII. 
Interest. 

In  all  time  bargains,  the  rate  of  interest  shall  be  six 
per  cent.,  excepting  when  otherwise  expressed,  to  be 
calculated  by  days,  according  to  Bank  usage. 

RULE  VIII. 

Deposit  of  Twenty  per  Cent,  may  be  Required. 
In  all  bargains  made  at  the  Board,  either  contract- 
ing party  may  require  of  the  other  to  make  a  deposit 
of  not  more  than  twenty  per  cent.,  as  security  for  the 
fulfilment  of  the  contract,  and  notice  of  such  require- 
ment shall  be  given  on  the  same  day.  If  the  deposit 
is  not  made,  the  party  requiring  it  may  cancel  the  con- 
tract or  continue  it,  at  his  pleasure. 

RULE  IX. 

Place  of  Deposit. 

When  a  difference  of  opinion  as  regards  the  place 
of  deposit  for  the  security  of  purchases  and  sales  shall 
arise,  the  same  shall  be  made  in  the  United  States 
Trust  Company. 

RULE  X. 

Failure  to  Complete  Contract. 
Should  any  member  neglect  to  fulfil  his  contract  on 
the  day  it  becomes  due,  after  having  been  duly  noti- 


NEW    YORK   GOLD   EXCHANGE.  41 

fied,  the  party  contracting  with  him  may  employ  one  of 
the  officers  of  the  Board  to  purchase  or  sell  the  gold, 
as  the  case  may  be,  between  half-past  two  and  three 
o'clock  of  the  same  day,  accounting  with  the  member 
in  default  for  any  surplus,  or  charging  him  with  any 
deficiency. 

RULE  XI. 

Penalty  for  not  Fulfilling  Contract. 
On  all  purchases  and  sales  of  gold,  as  well  as  on  all 
time  contracts  matured,  a  failure  to  deliver  on  the  day 
the  gold  is  due,  at  or  before  fifteen  minutes  past  2 
o'clock,  P.  M.,  shall  subject  the  party  so  failing  to  pay 
one-quarter  of  one  per  cent. 

RULE  XIL 

Saks  of  Gold  after  Two  o1  Clock,  P.  M. 
Sales  of  gold  made,  seller  3  or  buyer  3,  at  2  o'clock, 
P.  M.,  or  after,  shall  not  be  delivered  on  day  of  sale, 
except  by  mutual  agreement ;  and  sales  of  gold  made 
for  cash  at  2  o'clock,  P.  M.,  or  after,  shall  be  delivered 
up  to  2f ,  P.  M.,  on  the  same  day. 

RULE  XIII. 

Indecorous  Language,  <&c. 

Any  member  of  the  Board  who  shall  be  guilty  of 
indecorous  language  or  conduct  towards  another  mem- 
ber while  in  session  shall,  by  a  vote  of  two-thirds  of  the 
members  present,  be  suspended  from  his  seat  at  the 
Board  for  not  less  than  one  week,  nor  more  than  one 
month ;  and  a  repetition  of  the  oifence  shall  subject  the 
party  so  offending  to  expulsion,  and  he  shall  not  again 


42  STOCK   EXCHANGE  MANUAL. 

be  admitted,  unless  by  consent  of  two-thirds  of  the 
members  present. 

RULE  XIV. 

Members  may  be  Represented  by  a  ClerJc. 
A  member  or  firm  belonging  to  this  Exchange  may 
be  represented  by  a  clerk,  on  these  conditions,  viz. :  A 
written  agreement  shall  be  filed  with  the  Secretary, 
binding  the  member  or  firm  for  all  transactions  of  their 
clerk.  Said  clerk  shall  be  subject  to  all  rules  of  order, 
and  may  be  required  to  withdraw  from  the  privileges 
of  this  Exchange  for  cause,  at  the  written  request  of 
five  members,  addressed  to  and  approved  by  the  Pre- 
siding Officer.  Clerks  are  not  entitled  to  vote. 

RULE  XV. 
Rules  of  Order. 

The  following  are  strictly  prohibited,  viz.: 
Profane  language. 
Standing  on  chairs. 
Smoking. 

Transactions  in  puts,  or  calls,  or  in  stocks. 
Betting. 

Indecorous  language  or  conduct  towards  fellow 
members. 

All  boisterous  behavior  tending  to  disturb  business. 

RULE  XVI. 
Admission  of  Non-Members  to  Outer  Apartment. 

Persons  may  be  admitted  to  the  apartment  for  non- 
members  on  the  written  recommendation  of  a  member, 
approved  by  the  Presiding  Officer,  on  payment  of  one 
hundred  dollars  per  year. 


NEW   YOKK   GOLD   EXCHANGE.  43 

Tickets  of  admission,  not  transferable,  to  be  issued 
to  them,  signed  by  the  Secretary,  on  their  subscribing 
to  the  rules  of  order.  Such  persons,  holding  tickets, 
must  comply  with  the  rules  and  regulations  of  said 
apartment,  under  penalty  of  forfeiture  of  their  privi- 
leges of  admission  for  non-compliance  therewith. 

RULE  XVII. 
Claims  for  Short  Deliveries,  &c. 

In  all  deliveries  of  gold  the  purchaser  may  open  the 
bag  and  weigh  the  contents,  and  if  light  in  weight,  may 
refuse  to  receive  it ;  and  in  case  the  contents  are  of  full 
weight,  the  seller  may  require  it  to  be  counted,  which, 
if  found  correct,  shall  be  a  bar  to  any  claim  for  short 
count  or  defaced  gold. 

If  this  right  is  waived  for  short  count  or  defaced 
gold,  the  claim  must  be  made  during  the  day  of  de- 
livery, or  on  the  next  business  day  thereafter,  on  or 
before  five  o'clock,  P.  M.,  when  the  claim  shall  be  set- 
tled immediately.  Said  claim  to  be  made  by  the  writ- 
ten statement  or  affidavit  of  the  person  counting  the 
same  and  the  member  or  firm  making  the  claim. 

Any  party  or  parties  passing  counterfeit  or  filled 
coin  in  their  deliveries  must  make  good  the  same,  with- 
out limit  as  to  time,  when  the  fact  is  proved  by  com- 
petent evidence.  If  the  evidence  is  disputed,  the  case 
shall  be  referred  to  a  committee  of  three,  appointed  by 
the  President  or  acting  President,  whose  decision  shall 
be  final. 


44  STOCK   EXCHANGE   MANUAL. 


III. 

CONSTITUTION  AND   BY-LAWS   OF  THE 
OPEN  BOAKD  OF  STOCK  BKOKEKS. 


CONSTITUTION. 


ARTICLE  I. 

Name. 

THE  name  and  title  of  this  Association  shall  be 
"  THE  OPEN  BOAKD  OF  STOCK  BROKERS." 

ARTICLE  II. 
Hoard  Room. 

A  room  shall  be  provided  as  soon  as  practicable  for 
the  use  of  the  Board,  which  shall  be  large  enough  to 
accommodate  the  members  of  the  Board,  and  shall  be 
arranged  substantially  as  follows : 

Enclosed  with  a  railing  shall  be  an  area  sufficient  to 
accommodate  the  members,  with  seats  and  desks  con- 
veniently arranged;  and  no  person  not  a  member  or 
an  employe  of  the  Board  shall  be  admitted  within  the 
railing  during  business  hours,  except  by  permission  of 
the  presiding  officer.  Outside  the  railing,  and  also  in  a 
gallery  which  shall  be  arranged  around  the  room,  shall 
be  provided  seats  to  which  the  public  may  be  admitted, 
upon  such  terms  and  conditions  as  the  Board  shall 
hereafter  prescribe. 


OPEN  BOARD  OF  STOCK  BROKERS.         45 

ARTICLE  III. 

Officers. 

The  officers  of  this  Association  shall  be  a  President, 
1st  and  2d  Vice-Presidents,  Treasurer,  Secretary,  As- 
sistant-Secretary, and  Roll-keeper.  They  shall  receive 
such  compensation  as  the  Board  may  hereafter  deter- 
mine. 

ARTICLE  IV. 
Standing   Committees. 

The  Regular  Standing  Committees  shall  be — 

1st.  An  Executive  Committee,  which  shall  consist 
of  nine  members  of  the  Board  ;  and  of  this  Committee 
the  President  and  Treasurer  shall  be  members,  ex- 
officio. 

2d.  A  Finance  Committee,  which  shall  consist  of 
five  members  of  the  Board  ;  and  of  this  Committee  the 
Treasurer  shall  be  a  member,  ex-qfficio. 

3d.  A  Committee  on  Membership,  which  shall  con- 
sist of  seven  members  of  the  Board. 

4th.  A  Committee  on  Arbitration,  which  shall  con- 
sist of  live  members  of  the  Board. 

5th.  A  Board  of  Appeals,  which  shall  consist  of  five 
members  of  the  Board. 

A  majority  of  these  several  Committees  shall  consti- 
tute a  quorum  for  the  transaction  of  business. 

ARTICLE  V. 

Election  of  Committees  pro  tern. 
At  the  next  meeting  of  the  Association  after  the 
final  adoption  of  this  Constitution,  a  Treasurer,  Execu- 


46  STOCK   EXCHANGE    MANUAL. 

tive  Committee,  Finance  Committee,  and  a  Committee 
on  Membership,  shall  be  elected  by  ballot.  They  shall 
enter  upon  their  duties  forthwith,  and  shall  hold  office 
until  their  successors  shall  be  elected. 

The  officers  of  the  Association,  the  Committees 
named  above  in  this  article,  the  Board  of  Appeals,  and 
the  Chairman  of  the  Committee  on  Arbitration,  shall  be 
elected  annually  by  ballot,  on  the  last  Thursday  in 
April,  and  their  term  of  service  shall  begin  on  the  next 
succeeding  Monday.  In  case  of  default  of  an  election, 
the  incumbent  shall  hold  over  until  his  successor 
shall  be  elected.  In  case  of  a  vacancy  by  death  or 
otherwise,  the  Executive  Committee  shall  forthwith 
order  an  election  to  fill  the  same.  The  Chairman  of 
the  Executive  Committee  shall  preside  at  the  annual 
election  of  officers. 

ARTICLE  VI. 
Duties  of  President  and  Vice- President. 

It  shall  be  the  duty  of  the  President  to  preside  at 
all  meetings  of  the  Board,  except  the  calling  of  stocks 
and  the  annual  election  of  officers,  to  enforce  the  rules, 
and  preserve  order. 

He  may  also  assume  the  duty  of  presiding  at  the 
call  of  stocks,  for  the  time  being,  whenever  he  may 
elect  so  to  do.  It  shall  be  the  duty  of  the  1st  and  2d 
Vice-Presidents  to  call  stocks,  and  exercise  all  the 
duties  of  presiding  officer  while  so  doing  ;  and  neither 
of  them  shall  make  any  transactions  in  stocks  or  other 
securities  while  in  the  chair. 

The  Board  may  hereafter  pass  a  resolution  or  by- 
law, prohibiting  either  or  both  first  and  second  Vice- 


OPEN   BOARD   OF   STOCK   BROKERS.  47 

Presidents  from  dealing  at  any  time  in  stocks  or  other 
securities  dealt  in  at  the  Board. 

In  the  absence  of  the  President  and  both  Vice- 
Presidents,  the  members  present  may  chose  a  President 
pro  tern. 

ARTICLE  VII. 
Duties  of  Treasurer. 

It  shall  be  the  duty  of  the  Treasurer  to  collect  and 
receive  all  money  due  the  Association,  and  forthwith 
deposit  the  same  to  the  credit  of  the  Board  in  such 
bank  or  trust  company  as  the  Finance  Committee  shall 
direct.  And  he  shall  regularly,  on  the  first  Monday 
in  May,  and  the  first  Monday  in  November,  in  each 
year,  and  also  at  any  other  time  that  the  Board  may 
direct,  render  a  detailed  account  of  the  receipts  and 
expenditures  of  the  Board  since  the  date  of  the  last 
account  rendered  by  him.  He  shall  specify  particular- 
ly from  what  source  or  sources  the  receipts  have  been 
derived,  and  for  what  purpose  or  purposes  the  expen- 
ditures have  been  incurred.  He  shall  also  state  the 
balance  then  in  the  treasury,  and  how  the  same  is  in- 
vested. He  shall  also  invest  the  surplus  funds  of  the 
Association  in  such  securities  (either  by  purchase  or 
loan),  and  at  such  times  as  the  Finance  Committee 
shall  direct ;  and  all  such  securities  shall  be  immediately 
deposited  in  the  United  States  Trust  Company  for  safe, 
keeping,  to  be  withdrawn  only  on  the  joint  order  of 
the  Treasurer  and  the  Chairman  of  the  Finance  Com- 
mittee. He  shall  also  make  out  and  deliver  to  the 
Roll-keeper,  on  the  first  day  of  May,  August,  Novem- 
ber, and  February,  in  each  year,  an  account  against 
each  member  for  all  fines,  and  he  shall  hold  the  Roll- 


48  STOCK   EXCHANGE   MANUAL. 

keeper  accountable  for  the  faithful  performance  of  his 
duties  in  collecting  the  same. 

ARTICLE  VIII. 

Duties  of  Secretary  and  Assistant- Secretary. 
It  shall  be  the  duty  of  the  Secretary  to  record  all 
sales  and  purchases  made  at  the  Board,  and  to  prepare 
the  same  for  the  press ;  also,  to  keep  a  faithful  record 
of  all  the  proceedings  of  the  Board  in  a  book  of  minutes 
prepared  for  the  purpose ;  also,  carefully  to  keep  and 
preserve  all  books  and  papers  of  the  Board,  and  of  the 
several  committees  thereof,  not  properly  belonging  to 
the  department  of  the  Treasurer. 

ARTICLE  IX. 

Roll-keeper. 

It  shall  be  the  duty  of  the  Roll-keeper  to  prepare 
and  keep  a  record  of  all  the  members  of  the  Board,  the 
place  of  business  of  each,  and  the  name  of  the  firm, 
if  any,  to  which  each  belongs ;  also,  to  record  and 
charge  all  fines  which  may  be  imposed,  and  report  to 
the  Treasurer,  on  the  first  day  of  each  month,  the 
amount  against  each  member  for  the  preceding  month. 
He  shall  also,  during  the  first  week  in  each  of  the 
months  of  May,  August,  November,  and  February, 
collect  and  pay  over  daily  to  the  Treasurer,  all  fines ; 
and  if  any  member  shall  neglect  or  refuse  to  pay  the 
fines  charged  to  him,  the  Roll-keeper  shall  report  the 
same  to  the  Treasurer,  who  shall,  after  giving  reason- 
able notice  to  the  delinquent,  report  the  fact  to  the 
Board,  if  the  fines  remain  unliquidated. 


OPEN   BOAKD    OF   STOCK   BROKERS.  49 

ARTICLE  X. 
Duties  of  Standing  Committees. 

The  Executive  Committee,  the  Finance  Committee, 
the  Committee  on  Membership,  and  the  Board  of  Ap- 
peals, shall  each  at  their  first  meeting,  and  within  one 
week  after  their  election,  elect  from  their  own  number 
a  Chairman  and  a  Secretary.  The  Chairman  of  each 
committee  shall  preside  at  all  meetings  of  the  same. 
The  secretary  of  each  committee  shall  keep  a  true  and 
faithful  record  of  the  proceedings  of  said  committee,  in 
a  separate  book,  devoted  expressly  to  the  minutes  of 
that  committee  ;  and  the  minute-books  of  the  commit- 
tees, when  not  required  for  use  by  the  committees,  shall 
be  deposited  by  the  secretary  of  each  committee  with 
the  Secretary  of  the  Board. 

The  Executive  Committee  shall  supervise  and 
arrange,  from  time  to  time,  the  order  in  which  the 
securities  shall  be  called  at  the  Board ;  receive,  act 
upon,  and  report  to  the  Board,  together  with  their 
recommendation  thereon,  all  applications  for  the  plac- 
ing of  securities  upon  the  lists  called  at  the  Board ; 
have  a  general  supervision  over  the  Board  Room,  and 
over  the  affairs  of  the  Board ;  and  they  shall  make  to 
the  Association  from  time  to  time  such  reports  and 
recommendations  as  will,  in  their  judgment,  best  pro- 
mote its  interests.  They  may  also  employ  as  many 
door-keepers,  messengers,  and  pages,  as  in  their  opin- 
ion the  interests  of  the  Board  may  require ;  and  they 
shall  fix  the  salaries  of  the  same. 

The  Finance  Committee  shall  have  charge  of  all 
funds  belonging  to  the  Board,  audit  the  accounts  of  the 
Treasurer,  and  from  time  to  time  direct  the  Treasurer 
I 


50  STOCK   EXCHANGE   MANUAL. 

to  invest  the  surplus  funds  of  the  Board  in  such  manner 
as  they  may  deem  most  advisable. 

The  Arbitration  Committee  shall  consist  of  a  chair- 
man, as  provided  for  in  Article  5th,  and  four  other 
members,  to  be  appointed  by  the  President  every 
Monday  morning,  to  serve  one  week.  It  shall  be  the 
duty  of  said  committee  to  take  cognizance  of,  and 
exercise  jurisdiction  over,  all  claims  and  all  matters  of 
difference  between  the  members  of  the  Board,  and 
their  decision  shall  be  binding :  provided,  however, 
that  an  appeal  from  the  judgment  of  the  Arbitration 
Committee  may  be  taken  to  the  Board  of  Appeals, 
upon  the  condition  that  notice  shall  be  given  by  the 
appellant  to  the  appellee  within  one  week  of  the  ren- 
dition of  the  verdict  of  the  Arbitration  Committee, 
of  his  intention  to  appeal  the  case,  and  that  he  has 
deposited  with  the  Treasurer  of  the  Board  a  sum  which, 
in  the  judgment  of  the  said  Treasurer,  is  sufficient  to 
secure  the  claim,  together  with  the  costs  of  the  appeal. 

The  Chairman  of  the  Arbitration  Committee  shall 
be  entitled  to  a  fee  of  fifteen  dollars  ($15)  for  every 
case  tried,  which  shall  be  paid  by  the  losing  party. 

The  Board  of  Appeals  shall  take  cognizance  of  all 
cases  of  appeal  from  the  judgment  of  the  Arbitration 
Committee  which  shall  be  made  in  accordance  with  the 
provisions  of  this  Article,  and  each  member  sitting  upon 
a  case  shall  be  entitled  to  a  fee  of  five  dollars,  payable 
by  the  losing  party. 

ARTICLE   XI. 

Committee  on  Membership  and  Election  of  New  Mem- 
bers. 
All  applications  for  membership  of  this  Board  shall 


OPEN   BOARD    OF    STOCK   BROKERS.  51 

be  upon  the  nomination  of  one  member,  and  must  be 
seconded  by  another.  The  name  of  the  candidate  shall 
then  be  announced  by  the  Chair,  and  referred  without 
debate  to  the  Committee  on  Membership ;  and  it  shall 
be  the  duty  of  said  committee  to  cause  the  names  of 
all  candidates  referred  to  them  to  be  conspicuously 
posted  in  the  Board  Room ;  also,  to  make  diligent 
inquiry  as  to  the  qualifications  of  the  applicant,  and  if, 
at  the  expiration  of  not  less  than  five  days,  a  majority 
of  the  whole  number  of  said  committee  shall  be  in 
favor  of  admitting  him,  they  shall  so  report  to  the 
Board,  and  the  President  shall  forthwith  appoint  a  day 
of  election,  which  shall  not  be  less  than  five  business 
days  thereafter,  and  shall  cause  a  notice,  containing  the 
name  of  the  candidate  and  the  day  of  election,  to  be 
conspicuously  posted  in  the  Board  Room.  The  elec- 
tion shall  take  place  on  the  day  named  in  said  notice, 
and  shall  be  at  the  first  session  and  by  ballot. 

The  ballot-box  shall  be  in  charge  of  the  Roll-keeper. 
The  poll  shall  open  at  the  opening  of  the  session,  and 
close  at  the  conclusion  of  the  call  of  stocks.  The  Roll- 
keeper  shall  forthwith  count  the  votes,  and  if  it  shall 
appear  that  the  whole  number  of  votes  cast  are  not  less 
than  fifty  and  not  more  than  sixty,  and  that  not  more 
than  ten  of  these  are  black  balls,  or  if  more  than  sixty 
votes  are  cast  in  all,  and  that  not  more  than  fifteen  of 
these  are  black  balls,  the  President  shall  announce  the 
result,  and  declare  the  candidate  duly  elected.  But  if 
less  than  fifty  votes  are  cast  in  all,  or  if  there  are  more 
than  ten  black  balls  cast  in  one  case,  or  more  than 
fifteen  black  balls  cast  in  the  other  case,  as  above,  the 
President  shall  declare  the  candidate  not  elected. 

If  a  majority  only  of  the  committee  report  against 


52  STOCK    EXCHANGE   MANUAL. 

the  admission  of  a  candidate,  then  an  election  shall  be 
held  in  the  same  manner,  and  the  same  rules  shall  apply 
as  if  the  committee  had  reported  in  favor  of  admission  ; 
but  if  the  committee  report  unanimously  against  the 
admission  of  a  candidate,  then  their  decision  shall  be 
final,  and  the  application  shall  be  declared  rejected,  and 
so  entered  on  the  minutes  of  the  Board.  A  candidate 
once  rejected,  shall  not  be  re-nominated  within  thirty 


Upon  the  election  of  a  new  member,  the  Secretary 
shall  forthwith  notify  the  candidate  of  his  election,  and 
that  he  is  required  to  sign  the  constitution  and  pay  the 
initiation  fee  to  the  Treasurer,  within  ten  days,  when 
he  will  be  entitled  to  all  the  rights  and  privileges  of  a 
member,  and  in  default  of  which  his  election  will  be 
void :  provided,  however,  that  in  any  election  for  a  new 
member,  before  the  Board  shall  begin  its  regular  ses- 
sions for  business,  the  election  may  be  held  at  the  next 
succeeding  meeting  after  the  report  of  the  committee 
recommending  the  candidate  shall  have  been  made,  and 
in  such  case  the  notices  for  the  meeting  shall  state  the 
names  of  candidates  to  be  voted  for.  In  this  case,  the 
poll  shall  be  opened  under  the  direction  of  the  Presi- 
dent, and  kept  open  at  his  discretion. 

After  the  Board  shall  have  begun  its  regular  ses- 
sions for  business,  not  more  than  one  candidate  shall 
be  balloted  for  on  the  same  day,  and  the  candidates  for 
election  shall  come  up  in  the  same  order  in  which  they 
are  reported  on  by  the  Committee  on  Membership. 

ARTICLE  XII. 

Initiation  Fee. 

The  initiation  fee  to  this  Board  shall  be  five  hun- 
dred  dollars  ($500).  [Amended,  see  page  60.] 


OPEN  BOARD  OF  STOCK  BROKERS.         53 

ARTICLE    XIII. 

Eligibility. 

No  person  shall  be  eligible  as  a  candidate  for  mem- 
bership who  does  not  possess,  either  individually  or  as 
a  member  of  a  firm,  a  Government  license  as  a  broker. 

ARTICLE  XIV. 
Government  License. 

Any  person  now  enrolled  as  a  member  of  this  asso- 
ciation, who  shall  neglect  to  pay  to  the  Treasurer  the 
initiation  fee,  and  be  possessed  of  a  Government  license 
as  broker,  on  or  before  the  first  day  of  April,  1864, 
shall  have  his  name  struck  from  the  roll  by  the  Secre- 
tary, and  he  shall  not,  thereafter,  be  admitted  to  mem- 
bership, except  in  the  form  and  manner  provided  in 
Article  llth. 

ARTICLE  XV. 
Fictitious  Sales. 

No  fictitious  sales  shall  be  made  at  this  Board  ;  and 
any  member  contravening  this  article  shall,  upon  con- 
viction, be  expelled. 

ARTICLE  XVI. 

Expulsion  and  Suspension  of  Members. 
The  By-Laws  shall  provide  for  the  expulsion,  and 
also  for  the  suspension  and  re-admission  of  members 
for  cause  ;  and  every  member,  upon  signing  the  consti- 
tution, pledges  himself  to  abide  by  the  same,  and  also 
by  all  by-laws,  resolutions,  or  rules,  which  may  be 
passed  by  the  Board. 


54  STOCK   EXCHANGE   MANUAL. 

ARTICLE  XVII. 
Constitution  may  be  Amended. 

This  constitution  shall  not  be  altered,  except  in 
the  following  manner : 

The  proposed  alteration  or  amendment  shall  be 
submitted  to  the  Board  in  writing,  and  referred  by  the 
presiding  officer  to  the  Executive  Committee,  without 
debate.  The  proposed  amendment  shall  be  reported 
back  by  the  committee,  amended  or  otherwise,  without 
unnecessary  delay,  accompanied  by  their  recommenda- 
tions and  suggestions  with  regard  to  it,  and  the  Presi- 
dent shall  then  call  a  special  meeting  of  the  Board, 
within  not  less  than  five,  nor  more  than  ten  days,  to 
act  upon  the  report  of  the  committee.  At  this  special 
meeting  debate  shall  be  in  order,  and  upon  the  ques- 
tion of  the  adoption  of  the  proposed  amendment,  it 
shall  require  two-thirds  of  all  the  members  present  to 
pass  the  same. 

A  majority  of  all  the  members  must  be  present  to 
constitute  a  quorum  for  the  transaction  of  any  business, 
except  calling  stocks  and  the  election  of  new  members. 


BY-LAWS. 

ARTICLE  I. 
First  Session. 

The  first  session  shall  commence  at  one  o'clock,  P. 
M.,  and  continue  as  long  as  business  may  require. 

Order  of  Business. 

1st.  Notices  of  elections  and  name  of  the  candidate 
of  the  day. 


OPEN   BOARD    OF   STOCK   BROKERS  55 

2d.  Calling  the  regular  list  of  Stocks. 

3d.  Calling  Stocks  not  on  the  regular  list,  at  the 
request  of  a  member,  who  shall  be  fined  twenty-five 
cents,  and  be  entitled  to  the  first  bid. 

4th.  Result  of  election. 

ARTICLE  II. 

The  presiding  officer  shall  decide  all  contested  claims 
for  sales  or  purchases,  when  he  has  sufficient  cogni- 
zance of  the  transaction  to  form  an  intelligent  opinion ; 
but  an  appeal  from  his  decision  shall  be  entertained, 
provided  it  be  seconded  by  a  disinterested  member, 
and  the  question  shall  be  for  sustaining  or  reversing 
the  decision  of  the  Chair.  If  the  presiding  officer  has 
not  sufficient  knowledge  of  the  transaction  to  decide 
the  case,  he  shall  take  the  vote  of  the  Board.  Neither 
the  presiding  officer,  nor  the  secretary  for  the  time 
being,  shall  make  any  transaction  in  Stocks  while  on 
duty. 

ARTICLE  III. 
Offers  and  Bids. 

All  offers  to  buy  or  sell  securities  are  binding,  and 
no  member  may  withdraw  an  offer,  except  in  an  audi- 
ble voice  ;  but  a  sale  shall  take  all  offers  off  the  floor. 
No  offer  or  bid  shall  be  recognized  between  partners 
or  members  of  one  firm.  No  offer  to  buy  or  sell  any 
security  of  a  less  par  value  than  $500  shall  be  in  order. 

In  all  offers  where  the  term  "  about  "  is  used  as  to 
quantity,  the  variation  more  or  less  shall  not  exceed 
ten  per  cent.  All  offers  to  buy  or  sell,  and  riot  other- 
wise expressed,  shall  be  considered  as  made  for  the 
regular  way. 

it 


56  STOCK    EXCHANGE   MANUAL. 

ARTICLE  IV. 

Interest. 

All  contracts  over  three  days  shall  bear  interest  at 
the  rate  of  six  per  cent,  per  annum.  All  other  con- 
tracts shall  bear  no  interest. 

ARTICLE  V. 
Deliveries. 

All  securities  shall  be  delivered  at  or  before  2 
o'clock  and  fifteen  minutes  the  day  they  are  due,  or 
the  party  to  receive  the  same  may  require  them  to  lay 
over  till  the  next  day,  without  interest ;  and  all  con- 
tracts over  three  days,  shall  require  one  day's  notice, 
at  or  before  two  o'clock. 

All  contracts  maturing  during  the  regular  closing 
of  the  transfer  books  shall  be  delivered  by  power  and 
certificate  in  lots  of  not  over  one  hundred  shares  ;  and, 
in  case  of  a  difference  as  to  the  sufficiency  thereof,  it 
shall  be  passed  upon  by  the  Executive  Committee.  All 
privileges  to  call  for  or  to  deliver  Stocks  shall  be  bind- 
ing, and  subject  to  the  same  rules  as  other  contracts, 
except  that  they  shall  carry  no  interest,  and  shall  expire 
at  2  o'clock,  P.  M.,  unless  otherwise  expressed. 

ARTICLE  VI. 
Deposits  may  be  Called. 

On  all  time  contracts,  either  party  may  call,  at  any 
time  during  the  continuance  of  the  contract,  for  a  mu- 
tual deposit  of  ten  per  cent. 

And  whenever  the  market  price  of  the  Stock  shall 
change,  so  as  to  reduce  the  margin  of  said  deposit, 
either  way,  below  five  per  cent.,  either  party  may  call 


OPEX  BOARD  OF  STOCK  BROKERS.         57 

for  a  deposit  sufficient  to  restore  the  margin  again  to 
ten  per  cent. ;  and  this  may  be  repeated  as  often  as  the 
margin  may  be  so  reduced. 

In  all  cases  where  deposits  are  called  before  two 
o'clock,  they  shall  be  made  at  or  before  three  o'clock 
the  same  day.  If  called  after  two  o'clock,  they  shall 
be  made  before  twelve  o'clock,  M.,  of  the  next  day. 

In  case  either  party  shall  fail  to  comply  with  a  de- 
mand for  a  deposit,  in  accordance  with  the  provisions 
of  this  article,  it  shall  be  at  the  option  of  the  other 
party  to  elect  whether  to  cancel,  to  close,  or  to  con- 
tinue the  contract.  Whenever  there  is  a  difference 
between  contractors  as  to  the  place  of  deposit,  it  shall 
be  made  in  the  United  States  Trust  Company 

ARTICLE  VII. 
Where  Contracts  are  not  Fulfilled. 

Should  any  member  neglect  to  fulfil  his  contract 
the  day  it  becomes  due,  after  having  been  duly  noti- 
fied, the  party  contracting  with  him  may  employ  either 
the  President,  first  or  second  Vice-President,  or  Treas- 
urer, to  buy  or  sell  the  Stock,  as  the  case  may  be,  either 
in  open  market,  or  at  the  Board,  accounting  to  the 
member  in  default  for  any  surplus,  or  charging  him 
with  any  deficiency,  including  one-eighth  per  cent, 
commission  to  the  officer  employed  to  buy  or  sell  the 
same. 

ARTICLE  VIII. 
/Suspension  of  Members. 

As  a  means  of  mutual  protection,  it  shall  be  the 
duty  of  every  member  to  report  to  the  Board  all  cases 
3* 


58  STOCK   EXCHANGE   MANUAL. 

of  defalcation  of  contracts  of  other  members,  and  all 
cases  of  refusal  or  inability  to  pay  differences. 

Whereupon  the  President  shall  declare  the  member 
so  reported  suspended.  From  such  suspension  the 
reported  member  may  appeal,  and  demand  a  hearing 
before  the  Executive  Committee.  If  it  shall  appear 
that  the  complaint  is  just,  the  declaration  of  suspension 
shall  be  confirmed;  otherwise  it  shall  be  annulled. 
Any  member  once  suspended  for  the  above  cause  shall 
not  be  re-admitted  except  in  the  same  manner  as  new 
members,  except  if  he  be  re-admitted  within  twelve 
months  of  the  day  of  his  suspension,  he  shall  not  be 
required  to  pay  the  initiation  fee  again. 

ARTICLE  IX. 
President  may  Inflict  Penalties. 

No  member  shall  use  indecorous  language  to  the 
presiding  officer  or  any  fellow  member,  nor  shall  any 
member  interrupt  the  presiding  officer  while  performing 
the  duties  of  the  Chair,  or  any  other  member  while 
speaking. 

As  a  means  of  preserving  order,  the  presiding  officer 
may  inflict  a  fine  of  twenty-five  cents  for  all  cases  ot 
infractions  of  the  rules,  or  of  disorder  of  any  kind, 
from  which  there  shall  be  no  appeal,  and  no  member 
shall  be  permitted  to  consume  the  time  of  the  Board 
by  questioning  the  propriety  of  the  fines  inflicted. 

It  shall  be  the  duty  of  every  member,  by  the  prac- 
tice of  order  and  decorum,  to  do  all  in  his  power  to 
facilitate  the  transaction  of  business ;  and  any  member 
who  shall  habitually  violate  this  duty,  and  indulge  in 
acts  of  insubordination  and  unseemly  conduct,  to  the 
injury  of  the  interests  of  the  Board,  shall  be  admon 


OPEN   BOARD    OF    STOCK   BROKERS.  59 

ished  before  the  Board  by  the  President  of  the  neces- 
sity of  a  reformation,  and  if  after  that,  he  shall  continue 
the  obnoxious  conduct,  the  President  may  suspend  him 
from  the  privileges  of  the  Board  for  a  period  not  ex- 
ceeding one  week. 

ARTICLE  X. 
Resolutions,  &c.,  Referred  to  Executive  Committee. 

All  resolutions  submitted  to  the  Board  shall  be  in 
writing,  and  all  such,  and  also  all  other  matter  for  legis- 
lation not  emanating  from  a  Committee  of  the  Board, 
and  not  requiring  immediate  action,  of  which  the  pre- 
siding officer  shall  be  the  judge,  shall  be  referred,  with- 
out debate,  to  the  Executive  Committee. 

ARTICLE  XL 
Members  to  keep  their  Seats — N~o  Smoking. 

Every  member  shall  remain  at  his  seat  while  deal- 
ing in  Stocks,  and  no  member  shall  be  permitted  to 
deal  during  any  call  of  Stocks,  unless  he  be  within  the 
area  appropriated  to  members,  and  no  member,  except 
officers  on  duty,  shall  be  permitted  on  the  rostrum 
during  any  session  of  the  Board. 

No  smoking  shall  be  allowed  at  any  time  in  the 
Board  Room. 

ARTICLE  XII. 

Second  Session —  Order  of  Business. 
The  Second  Session  shall  commence  at  three  and  a 
half  o'clock,  P.  M. 

Call  of  Stocks;  Reading  Minutes  of  Last  Day, 
other  than  Purchases  and  Sales;  Nominations  of  Candi- 
dates for  Membership;  Reports  of  Committees  ;  Reso- 


60  STOCK   EXCHANGE   MANUAL. 

lutions  ;  Motions ;  any  other  business  properly  belong- 
ing to  the  Board. 

ARTICLE  XIII. 
Salaries. 

The  President  shall  receive  no  salary. 

The  First  Vice-President  shall  receive  a  salary  of 
dollars  per  annum. 

The  Second  Vice-President  shall  receive  a  salary  of 
per  annum. 

The  Treasurer  may  employ  a  Clerk,  at  a  salary  not 
exceeding  $500  per  annum. 

The  Secretary  shall  receive  no  salary. 

The  Assistant-Secretary  shall    receive  a  salary  of 
$1,200  per  annum. 

The  Roll-keeper  shall  receive  a  salary  of  $1,000  per 
annum. 

The  above  salaries  shall  be  payable  monthly. 


AMENDMENT  No.   1. 

PASSED  JUNE  1,  1864. 

Resolved,  That  Article  12th  of  the  Constitution  of 
this  Board,  be  so  amended  as  to  strike  out  the  words 
"  five  hundred,"  and  insert  therein  "  one  thousand." 

Resolved,  That  this  amendment  as  above,  shall  only 
apply  to  those  persons  applying  for  membership  after 
the  26th  day  of  May,  1864. 


THE  EVENING   STOCK   EXCHANGE.  6) 

IV. 

THE  EVENING-  STOCK  EXCHANGE. 

WITHIN  the  past  two  years  a  necessity  has  sprung 
up  for  an  EVENING  EXCHANGE,  growing  out  of  the  con- 
stant fluctuations  in  Stocks  and  Gold — but  more  parti- 
cularly in  gold — produced  by  news  from  the  seat  of 
war,  which  affects  the  market  according  to  successes 
or  defeats  of  our  armies.  To  meet  this  demand  the 
idea  suggested  itself  to  one  of  the  brokers  (Mr.  Jos.  B. 
Wheelock)  that  a  suitable  room  in  the  Fifth  Avenue 
Hotel  would  be  the  best  place  for  an  Evening  Board, 
and  accordingly  he  rented  the  fine  corner  room  in  the 
hotel  building,  now  used  as  the  Second  National  Bank. 
It  seems,  however,  that  the  time  had  not  exactly  ar- 
rived for  the  success  of  such  an  enterprise,  and  the 
Evening  Exchange  languished  for  the  want  of  attend- 
ance. The  project,  for  the  time,  fell  through,  conse- 
quently the  gentleman  who  was  the  pioneer  in  the 
effort  to  accommodate  his  brother  brokers  at  night, 
abandoned  the  thing  altogether,  and  closed  the  room. 
This  occurred  about  January,  1863.  After  an  interval 
of  several  months,  it  was  found  that,  although  the 
Evening  Exchange  had  been  closed,  large  numbers  of 
brokers  and  their  customers  continued  to  congregate 
about  the  Fifth  Avenue  Hotel,  in  the  bar-room,  read- 
ing-room, and  public  hall,  where  they  bought  and  sold 
gold  and  stocks  so  extensively  and  so  much  to  the  an- 
noyance of  the  guests  of  the  house,  as  to  render  it  ne- 
cessary* for  the  proprietors  of  the  house  to  put  up  a 
printed  notice  requesting  gentlemen  not  "  to  buy  or 


62  STOCK   EXCHANGE   MANUAL. 

sell  stocks  or  gold  in  these  rooms."  Speculation  had 
grown  quite  rampant  by  this  time,  and  it  became  evi- 
dent that  the  time  had  arrived  when  an  Evening  Ex- 
change might  succeed.  Mr.  Hamlin  Blake,  formerly 
presiding  officer  of  the  Public  Stock  Board,  was  in- 
duced, by  what  he  saw  to  be  an  absolute  necessity,  to 
renew  the  effort  which  had  been  made  by  Mr.  Whee- 
lock,  and  accordingly  he  rented  the  only  room  in  the 
hotel  building  that  could  be  had,  to  wit,  the  basement 
on  the  corner  of  Twenty-third  street,  and  directly  un- 
der the  fine  room  which  had  been  abandoned  as  an 
Evening  Exchange  a  few  months  before. 

Mr.  Blake's  room  was  soon  well  patronized,  and 
after  five  or  six  months  of  an  exciting  market,  it  was 
found  desirable  that  a  more  commodious  room — with 
better  ventilation  and  free  from  the  objections  to  a 
basement — should  be  opened  for  the  comfort  of  the 
large  number  of  persons  who  were  accustomed  to  meet 
either  to  deal  in  stocks  and  gold  or  to  look  on  at  the 
operations  of  others  interested  in  the  market.  In  the 
month  of  March,  1864,  Mr.  Robert  H.  Gallaher  deter- 
mined to  seek  for  a  more  commodious  and  comfortable 
room  for  an  Evening  Exchange  than  the  one  occupied 
by  Mr.  Blake,  and,  accordingly,  notwithstanding  the  risk 
he  had  to  encounter  in  attempting  to  establish  another 
enterprise  of  the  kind,  Mr.  Gallaher,  with  the  coopera- 
tion of  his  brother,  B.  F.  Gallaher,  succeeded  in  estab- 
lishing an  Evening  Exchange  in  the  large  hall,  corner 
of  Twenty-third  street  and  Broadway,  known  as  The 
Republican  Head  Quarters.  As  but  one  institution  of 
the  kind  could  be  supported,  and  the  Messrs.  Gallaher's 
room  being  so  much  more  attractive  than  the  basement 
of  the  Fifth  Avenue  Hotel,  Mr.  Blake's  Exchange  was 


THE   EVENING   STOCK   EXCHANGE.  63 

closed,  and  the  Messrs.  G.  still  kept  up  their  Evening 
Bourse,  not,  however,  without  having  had,  since  they 
first  opened,  two  unsuccessful  efforts  to  supplant  them 
by  attempts  of  other  parties  to  open  rival  enterprises. 

Although,  as  has  been  before  remarked,  the  first 
effort  to  start  an  Evening  Exchange  signally  failed  for 
the  want  of  support,  yet  in  less  than  two  years  the  at- 
tendance has  become  so  large,  and  the  transactions  so 
very  numerous,  that  the  Messrs.  Gallaher  have  found 
it  necessary  to  cater  still  more  for  the  comfort  of  their 
numerous  friends,  and  have,  therefore,  felt  justified  in 
having  built  one  of  the  handsomest  and  most  comforta- 
ble halls  in  America,  expressly  for  Gallaher's  Evening 
Exchange.  This  building  has  just  been  completed, 
being  situated  in  West  Twenty-fourth  street,  adjoin- 
ing the  Fifth  Avenue  Hotel. 

The  average  attendance  of  brokers  and  their  cus- 
tomers at  Gallaher's  Exchange,  for  the  past  four  or 
five  months,  has  been  upwards  of  six  hundred  nightly 
and  on  many  evenings,  during  an  excited  market,  the 
attendance  has  reached  nearly  twelve  hundred.  The 
transactions,  frequently,  as  will  be  seen  by  the  pub- 
lished reports  of  the  sales,  in  the  morning  papers,  have 
been  equal  at  one  Evening  Board  to  the  combined 
transactions  of  all  the  "  down  town  "  day  Boards. 

There  are  no  formal  rules  and  regulations  govern- 
ing the  transactions  in  stocks  and  gold  at  the  Evening 
Exchange,  but  all  the  operations  are  governed  by  the 
rules  of  the  other  Boards,  and  whenever  a  controversy 
arises  about  a  transaction  at  the  up-town  Board,  the 
question  is  settled  down  town  by  reference  or  other- 
wise. 


64  STOCK   EXCHANGE  MANUAL. 


V. 

CONSTITUTION  AND   BY-LAWS  OF  THE 
NEW  YORK  MINING  EXCHANGE. 

President — JOHN  SIMPKINS. 
Treasurer — JOHN  BLOODGOOD. 
Secretary — J.  W.  BROWN. 


CONSTITUTION. 

ARTICLE  I. 

Title  of  the  Association. 

The  title  of  this  Association  shall  be  "  THE  NEW 
YORK  MINING  EXCHANGE." 

ARTICLE  II. 
Officers,  Elections,  <&c. 

A  President,  Vice-President,  Treasurer,  Secretary, 
and  Assistant-Secretary  shall  be  elected  by  ballot,  on 
the  second  Monday  of  April,  annually ;  and  in  case  any 
vacancy  shall  occur  in  either  of  the  said  offices,  by 
death,  resignation,  or  from  any  other  cause,  a  new  elec- 
tion shall  be  held  forthwith,  to  supply  such  vacancy  or 
vacancies. 

ARTICLE  III. 

Duty  of  the  President  and  Vice-President. 
It  shall  be  the  duty  of  the  President  or  Vice-Presi- 
dent  to  call  the  Stocks  at  the  hour  that  may  be  fixed. 


NEW    YORK   MINING   EXCHANGE.  65 

upon  by  the  Board,  from  time  to  time ;  to  maintain 
order,  and  enforce  the  rules.  In  case  of  the  absence 
of  the  President  and  Vice-President,  the  members 
present  may  choose  a  President  pro  tern. 

ARTICLE  IV. 

Duty  of  the  Secretary  and  Assistant- Secretary. 

It  shall  be  the  duty  of  the  Secretary  or  Assistant- 
Secretary,  to  make  a  full  and  faithful  record  of  the 
purchases  and  sales  on  time,  which  record  shall  be  con- 
sidered as  binding  on  the  members;  to  record  in  a 
Book  of  Minutes  the  proceedings  of  the  Board,  and  to 
take  care  of  the  books  and  papers  of  the  Association, 
and  to  call  the  names  of  members  at  the  opening  of  the 
session  of  the  Board  ;  to  record  all  fines,  and  report  on 
the  first  days  of  May  and  November,  respectively,  the 
amount  levied  upon  each  member,  and  to  collect  and 
pay  the  same  into  the  hands  of  the  Treasurer. 

ARTICLE  V. 
Duty  of  the  Treasurer. 

It  shall  be  the  duty  of  the  Treasurer  to  receive  and 
take  charge  of  all  moneys,  and  render  a  statement  of 
the  funds  on  the  second  Monday  of  March,  annually, 
and  at  such  other  times  as  the  Board  may  require. 

ARTICLE  VI. 

The  election  of  new  members  shall  be  by  ballot,  and 
every  applicant  for  admission  shall  be  proposed  at  least 
five  days  preceding  the  election,  and  nine  black  balls 
shall  exclude.  If  rejected,  he  shall  not  be  renominated 
within  ten  days  thereafter. 

The  name  of  the  applicant  shall  be  posted  in  some 


66  STOCK   EXCHANGE  MANUAL. 

conspicuous  place, in  the  Board  Room,  from  the  day  of 
nomination  to  the  day  of  election,  and  but  three  candi- 
dates shall  be  balloted  for  on  the  same  day.  No  elec- 
tion shall  be  valid  unless  twenty  or  more  votes  are  de- 
posited in  the  ballot-box. 

ARTICLE  VII. 
Manner  of  Conducting  an  Election. 

At  an  election  for  a  member,  the  ballot-boxes  shall 
be  placed  in  charge  of  the  Secretary  of  the  Board,  and 
the  poll  shall  be  opened  from  the  beginning  of  the 
session  to  the  conclusion  of  the  call  of  Stocks,  when  the 
President  shall  request  any  member  who  has  not  voted 
to  do  so. 

The  Presiding  Officer  shall  then  declare  the  result 
of  the  ballot. 

The  name  of  the  Candidate  shall,  during  this  time, 
be  conspicuously  placed  in  view  of  the  members,  on  the 
ballot-box. 

ARTICLE  VIII. 
Initiation  Fee. 

The  Initiation  Fee  shall  be  Two  HUNDRED  AND 
FIFTY  DOLLARS. 

ARTICLE  IX. 

Suspended  Member's  Re-election,  c&c. 
Any  member  who  fails  to  comply  with  his  contracts, 
or  becomes  insolvent,  and  is  reported  to  the  Associa- 
tion, shall  be  suspended  until  he  has  settled  with  his 
creditors. 

On  his  application  for  re-admission,  a  committee  of 
five  members  shall  be  appointed  by  the  President  to 


NEW   YORK   MINING   EXCHANGE.  67 

investigate  his  conduct,  and  the  cause  of  his  failure, 
who  shall  report  the  same  to  the  Board. 

The  applicant  may,  by  consent  of  a  majority  of  the 
members,  be  balloted  for  forthwith,  and  if  there  are 
not  to  exceed  six  black  balls,  he  shall  again  be  entitled 
to  a  seat  at  the  Board.  If  rejected,  he  shall  not  be  re- 
nominated  until  the  expiration  of  ten  days,  and  his 
name  shall  be  posted  for  the  same  time,  and  the  election 
conducted  in  the  manner  prescribed  in  ARTICLE  VII. 

ARTICLE  X. 

Motions  for  Altering  Constitution  or  By-Laws. 

No  motion  for  altering  the  Constitution  or  By-Laws 
shall  be  acted  upon  until  at  least  ten  days  after  the 
motion  has  been  submitted  in  writing,  unless  by  the 
unanimous  consent  of  the  members  present. 

ARTICLE  XI. 

Quorum. 

In  all  "cases,  a  majority  of  the  Board  shall  be  present 
to  do  business,  except  the  calling  of  the  Stocks,  and  no 
firm  shall  be  entitled  to  more  than  one  vote  except  for 
the  alteration  of  the  Constitution. 

ARTICLE  XII. 

Altering  Constitution  or  By-Laws. 
No  alteration  of  the  Constitution  or  By-Laws  shall 
be  made  unless  by  the  consent  of  two-thirds  of  the 
members  present. 

ARTICLE  XIII. 
Questions  of  Order. 

The  President,  for  the  time  being,  shall  settle  all 
buestions  of  order. 


68  STOCK   EXCHANGE    MANUAL. 

ARTICLE  XIV. 

Payments  and  Transfers  in  certain  cases  to  be  Simul- 
taneous. 

In  all  sales  of  the  local  Stocks,  or  of  any  other 
Stocks  transferable  in  this  city,  either  party  shall  have 
the  right  to  require  the  purchase  money  to  be  paid  at 
the  time  and  place  of  transfer. 

ARTICLE  XV. 
Commissions. 

No  member  shall  charge  less  commission  than  the 
following  rates : 

On  Stocks  selling   $5  and  under,      3£c.  per  share. 
"  "  over  $5  and  up  to  $10,  6£c.         " 

"  over  $10,  12jc. 

Any  member  violating  this  rule,  shall,  upon  vote  of 
three-fourths  of  those  present,  be  expelled. 

ARTICLE  XVI. 
Penalty  for  N~on-  Compliance  with  Constitution,  JBy- 

Laws,  &c. 

Any  member  refusing  to  comply  with  the  foregoing 
Rules,  or  with  the  By-Laws,  may  have  a  hearing  before 
the  Board ;  and  if  he  shall  persist  in  refusing,  two-thirds 
of  the  members  present  may  declare  him  no  longer  a 
member. 


BY-LAWS. 

ARTICLE  I. 
Order  of  Business. 
The  hours  of  business  shall  be  from  eleven  to  twelve 


NEW   YORK   MINING    EXCHANGE.  69 

and  a  half,  and  the  order  of  business  shall  be  as  follows, 
viz. : 

1.  Calling  the  Roll. 

2.  Reading  the  minutes  of  the  preceding  day,  other 
than  those  of  the  purchases  and  sales. 

3.  Notices  of  Election. 

'  4.  Calling  the  regular  list  of  Stocks. 

5.  Calling  Stocks  not  on  the  regular  list,  at  the 
request  of  members. 

6.  Reports,   resolutions,  motions,   and   such  other 
business  as  may  properly  come  before  the  Board. 

ARTICLE  II. 
Stocks  to  be  Called. 

No  Stock  or  Bond  shall  be  placed  on  the  list  of 
Stocks,  &c.,  regularly  called  at  the  Board,  except  by  a 
vote  of  a  majority  of  members  present,  and  applications 
for  the  replacing  of  Stocks  on  the  regular  list  shall  be 
made  directly  to  the  Board  by  parties  interested,  with 
full  statement  of  the  capital,  number  of  shares,  re- 
sources, &c.,  certified  to  and  signed  by  said  parties ; 
which  application  shall  be  referred  to  a  standing  com- 
mittee of  five,  to  be  reported  on  within  five  days ;  but 
any  party  desiring  to  call  up  any  Stock  not  on  the 
regular  list,  may  do  so  by  paying  a  fine  of  fifty  cents 
therefor. 

ARTICLE  III. 
Stocks  not  on  the  regular  list  may  be  called  by  paying 

Fine. 

After  the  regular  list  has  been  once  called  over  by 
the  Presiding  Officer,  any  Stock  on  said  list  may  be 
called  up  a  second  time,  the  party  calling  it  paying  a 


70  STOCK  EXCHANGE   MANUAL. 

fine  of  twenty-five  cents,  and  having  the  privilege  of 
making  the  first  offer ;  but  no  Stock  shall  be  called  up 
more  than  twice  during  the  session. 

ARTICLE  IV. 

Stocks  falling  due  on  Holidays. 
All  Sales  made  at  this  Board  shall  be  settled  for  the 
next  day,  unless  expressed  to  the  contrary;  and  all 
contracts  falling  due  on  Sunday,  or  on  such  holidays  as 
are  observed  by  the  Banks,  shall  be  settled  on  the  pre- 
ceding day. 

ARTICLE  V. 

Hour  before  which  a  Stock  shall  be  called  for  or  de- 
livered. 

In  all  sales  or  contracts  for  Stocks  between  members 
of  the  Board,  the  party  to  receive  the  same  shall  not 
be  bound  to  take  it  after  a  quarter  past  two  o'clock, 
P.  M.,  but  may  postpone  the  same,  without  being 
charged  interest,  to  the  following  day ;  and  any  mem- 
ber having  a  right  to  call  on  another  for  Stock  shall 
demand  the  same  before  the  hour  above  specified,  or 
be  subject  to  a  continuance  of  the  contract  until  the 
following  day. 

ARTICLE  VI. 
All  Offers  binding. — The  President's  Decision  final. 

All  offers  for  Stock,  &c.,  made  and  accepted,  shall 
be  binding,  whether  called  by  the  President  or  not ; 
and  in  case  there  are  two  or  more  claimants  for  the 
purchase  or  sale  of  Stocks,  the  President  shall  decide 
the  same,  or  he  may  appeal  to  the  Board  for  their  de- 
cision. 


NEW    YORK   MINING   EXCHANGE.  71 

ARTICLE  VII. 

Contracts  Maturing  during  the  Closing,  <&c. 
Any  contracts  for  Stock,  which  may  mature  during 
the  regular  closing  of  the  Transfer  Books,  shall  be 
settled  at  maturity  by  the  delivery  of  a  satisfactory 
certificate  and  power  of  attorney. 

ARTICLE  VUL 
Contracts  over  three  days. 

In  all  contracts  on  time  over  three  days,  made  at 
the  option  of  the  buyer  or  seller,  one  day's  previous 
notice  shall  be  given  before  Stocks  can  be  delivered  or 
demanded,  and  such  notice  shall  be  given  at  or  before 
two  o'clock,  P.  M. 

ARTICLE  IX. 

No  Interest  on  Sales. — Seller  three. 
No  purchase  or  sale  of  Stock,  <fcc.,  at  the  option  of 
the  buyer  or  seller  for  three  days  shall  bear  interest. 
All  purchases  and  sales  beyond  that  time  shall  be  with 
interest,  unless  otherwise  expressed.  No  offer  of 
interest  for  purchase  or  sale  of  Stock  at  three  days  shall 
be  allowed. 

ARTICLE  X. 
Dividends  Settled,  c&c. 

When  dividends  are  settled,  interest  shall  be  de- 
ducted at  the  same  time. 

ARTICLE  XI. 
No  Cognizance  to  be  taken  by  the  Board  of  Contracts 

over  thirty  days. 

The  Board  will  take  no  cognizance  of  contracts  to 
run  longer  than  thirty  days. 


72  STOCK   EXCHANGE   MANUAL. 

ARTICLE  XII. 
Rate  of  Interest. 

In  all  time  bargains  the  rate  of  interest  shall  be  at 
six  per  cent.,  to  be  calculated  by  days,  according  to 
Bank  usage. 

ARTICLE  XIII. 

Specific  number  of  Shares  to  be  offered. 
In  all  propositions  to  buy  or  sell,  the  offer  shall  be 
accompanied  with  some  specific  number  of  shares. 

ARTICLE  XIV. 
How  Stocks   are  to  be  delivered  when  the   Transfer 

Books  are  closed. 

Whenever  the  Transfer  Books  of  an  institution 
shall  be  closed  by  any  legal  impediment,  so  as  to  render 
their  being  opened  again  uncertain,  then  the  deliveries 
of  Stock  of  such  institution,  in  satisfaction  of  contracts, 
shall  be  made  by  notarial  power  of  attorney  irrevoca- 
ble, containing  assignment  and  bill  of  sale  and  certi- 
ficate, the  papers  to  be  satisfactory  to  the  recipients, 
or  passed  upon  by  the  Board. 

ARTICLE  XV. 

A  Deposit  on  Contracts  may  be  required. 
In  any  time  bargain  made  at  the  Board,  either  con- 
tracting party  may  require  of  the  other  to  make  a 
deposit  of  not  more  than  twenty  per  cent.,  as  security 
for  the  fulfilment  of  the  contract,  and  notice  of  such 
requirement  shall  be  given  on  or  before  two  o'clock,  P.  M. 
If  the  deposit  is  not  made,  the  party  requiring  it 
shall  cause  the  presiding  officer  to  re-buy  or  sell  the 


NEW    YORK   MINING   EXCHANGE.  73 

Stock  at  the  following  session  of  the  Board,  and  ac- 
count to  the  party  in  default. 

ARTICLE  XVI. 
Place  of  Deposit. 

Where  there  is  a  difference  of  opinion  as  regards 
the  place  of  deposit  for  the  security  of  purchases  and 
sales  of  Stock,  the  same  shall  be  made  in  the  New  York 
Life  and  Trust  Company. 

ARTICLE  XVII. 
Finance  Committee. 

There  shall  be  a  Finance  Committee,  consisting  of 
the  President,  Vice-President,  and  Treasurer,  who  shall 
have  charge  of  the  funds  belonging  to  the  Board,  and 
invest  the  surplus  funds  in  such  Stock,  or  Stocks,  as 
they  may  think  advisable. 

ARTICLE  XVIII. 
Applications  for  Donations. 

In  all  cases  of  application  to  the  Board  for  charitable 
donations,  the  President  shall  appoint  a  committee  of 
three  members,  whose  duty  it  shall  be  to  inquire  into 
the  condition  of  the  Treasury,  and  also  to  investigate 
the  merits  of  said  applications ;  they  shall  then  report 
the  same  to  the  Board,  with  such  recommendations  as 
they  may  deem  proper,  the  Board  reserving  to  itself 
the  power  of  confirming  or  rejecting  the  recommenda- 
tions of  the  committee. 

ARTICLE  XIX. 
No  Appropriation  to  be  made  unless  funds  exceed  five 

thousand  dollars. 
"N"o  appropriation  to  objects  of  charity  (except  to 


74  STOCK   EXCHANGE    MANUAL. 

indigent  members  and  their  families)  shall  be  made  by 
the  Board,  unless  the  surplus  funds  shall  exceed  five 
thousand  dollars ;  and  no  appropriation  whatever,  of 
the  funds  of  the  Board,  shall  be  made  (except  for  the 
ordinary  expenses  of  the  same),  unless  two-thirds  of  the 
members  present  shall,  by  vote,  concur  therein. 

AETICLE  XX. 
Resolutions. 

No  cognizance  will  be  taken  of  any  Resolution  or 
Resolutions  unless  submitted  in  writing. 

ARTICLE  XXL 
Access  to  the  Minutes. 

No  person  shall  have  access  to  the  Minutes  of  the 
Board,  except  the  members  or  their  partners. 

ARTICLE  XXII. 

No  .Business  before  calling  the  Stocks. 
Except  by  unanimous  consent,  no  business  shall  be 
transacted  previous  to  the  calling  of  the  Stocks. 

ARTICLE  XXIII. 

Communications  Influencing  the  Market. 
No  letters  or  communications  having  a  tendency  to 
influence  Stocks,  shall  be  read  publicly  at  the  Board, 
without  first  being  presented  to  the  President,  and  duly 
authorized. 

ARTICLE  XXIV. 

Using  Indecorous  Language — Punishment. 
Any  member  of  the  Board  who  shall  be  guilty  of 
indecorous  language  or  conduct  toward  another  mem- 


NEW    YORK   MINING   EXCHANGE.  75 

her,  while  in  session,  shall,  by  a  vote  of  two-thirds  of 
the  members  present,  be  suspended  from  his  seat  at  the 
Board,  for  not  less  than  one  week,  nor  more  than  one 
month ;  and  a  repetition  of  the  offence  shall  subject  the 
party  so  offending  to  expulsion,  and  he  shall  not  again 
be  admitted,  unless  by  consent  of  two-thirds  of  the 
members  present. 

ARTICLE  XXV. 
Discussions — JVb  Member  allowed  to  speak  more  than 

twice. 

When  any  question  is  before  the  Board,  no  member 
shall  speak  more  than  twice  without  permission  from 
the  President,  nor  shall  any  member  interrupt  another 
while  speaking. 

ARTICLE  XXVI. 

Presiding  Officer  is  not  to  discuss  questions  in  the  chair. 
In  all  discussions  arising  in  the  Board,  the  presiding 
officer  shall  not  participate ;  but  wishing  to  do  so,  shall 
call  some  other  person  to  the  chair. 

ARTICLE  XXVII. 
Fine  for  Reverting  to  a  Stock. 
Any  member  requesting  the  President  to  revert  to 
a  Stock,  shall  pay  twenty-five  cents  for  the  same,  and 
shall  have  the  privilege  of  making  the  first  offer,  either 
to  buy  or  sell. 

ARTICLE  XXVHL 

Semi-annual  Fines  for  sitting  Members. 
The  minimum  fines  for  all  acting  members  of  the 
Board  shall  be  twenty -five  dollars,  semi-annually. 


76  STOCK    EXCHANGE   MAXUAL. 

ARTICLE  XXIX. 

Fine  for  Interrupting  the  President. 
Any  member  interrupting  the  President  while  call 
ing  the  Stocks,  by  •  speaking,  or  otherwise,  shall  pay  a 
fine  of  not  less  than  six,  nor  more  than  twenty-five  cents 
for  each  oifence,  at  the  discretion  of  the  President,  from 
which  there  shall  be  no  appeal,  and  the  levying  of  all 
fines  shall  rest  exclusively  with  the  presiding  officer. 

ARTICLE    XXX. 
In  case  of  default,  /Stocks  to  be  bought  or  sold  by  an 

Officer  of  the  Board. 

Should  any  member  neglect  to  fulfil  his  contract  on 
the  day  it  becomes  due,  after  having  been  duly  notified, 
the  party  contracting  with  him  shall  employ  one  of  the 
Officers  of  the  Board  to  purchase  or  sell  Stock  (as  the 
case  may  be),  on  the  following  day,  accounting  with 
the  member  in  default  for  any  surplus,  or  charging  him 
with  any  deficiency. 

ARTICLE  XXXI. 

In  case  of  Failure,  contracts  at  market  prices  of  the  day. 
In  case  of  the  failure  of  any  member  of  the  Board, 
all  outstanding  contracts  with  him  shall  be  adjusted  by 
the  prices  of  the  Board  on  the  day  they  become  due. 

ARTICLE  XXXII. 

Default  must  be  reported  in  forty-eight  hours. 
In  all  cases  where  a  member  of  this  Board  shall  fail 
to  comply  with  his  Stock  contracts,  it  shall  be  the  duty 
of  his  creditor  to  report  said  default  to  the  President 
of  the  Board  within  forty-eight  hours. 


NEW    YOKK    MINING    EXCHANGE.  77 

No  claim  or  contract,  unless  so  reported,  shall  ever 
after  be  recognized  or  enforced  by  this  Board.  During 
the  suspension  of  a  member  from  his  seat  at  this  Board, 
no  such  report  shall  be  required. 

ARTICLE  XXXIII. 

Board  takes  cognizance  of  all  Debts. 
All  debts,  without  distinction,  are  binding  upon  the 
members  of  this  Board,  and  the  Board  may  take  cogni- 
zance of  them  upon  complaints  properly  made  and  pre- 
sented. 

ARTICLE  XXXIV. 

Each  member  shall  have  the  privilege  to  send  a 
partner  or  confidential  clerk  to  transact  his  business  at 
the  Board,  but  any  member  sending  a  clerk  shall 
assume  the  responsibility  for  all  the  clerk's  transactions. 


78  STOCK   EXCHANGE   MANUAL. 


VI. 

CONSTITUTION  AND  BY-LAWS 

OF  THE  PUBLIC  PETROLEUM  STOCK 

EXCHANGE  OF  NEW  YORK. 


CONSTITUTION. 

ARTICLE  I. 

Name. 

THE  name  and  title  of  this  Association  shall  be  "  THE 
PUBLIC  PETROLEUM  STOCK  EXCHANGE,"  and  its  business 
shall  be  limited  to  the  purchase  and  sale  of  Stocks  in 
Petroleum  Companies,  fully  organized  and  admitted  to 
the  call  after  supervision  by  the  Executive  Committee. 

ARTICLE  II. 

Room. 

All  parties  not  being  members  shall  not  be  permit- 
ted to  buy  or  sell  Stocks  unless  employing  a  broker. 

ARTICLE  III. 

Officers. 

The  officers  of  this  Association  shall  be  a  President, 
Vice-President,  Treasurer,  and  Secretary. 

ARTICLE  IY. 
Standing  Committees. 
The  regular  Standing  Committees  shall  be  : 
1st.  An  Executive  Committee,  which  shall  consist 


PUBLIC   PETROLEUM   STOCK   EXCHANGE.  79 

of  five  members  of  the  Board,  and  of  this  Committee 
the  President  shall  be  a  member  ex  officio. 

2d.  A  Committee  on  Arbitration,  which  shall  con- 
sist of  five  members  of  the  Board. 

3d.  A  Board  of  Appeals,  which  shall  consist  of  five 
members  of  the  Board. 

A  majority  of  these  several  committees  shall  con- 
stitute a  quorum  for  the  transaction  of  business. 

ARTICLE  V. 
Election  of  Committees,  pro  tern. 

On  the  final  adoption  of  this  Constitution,  a  Presi- 
dent, Vice-President,  Treasurer,  Secretary,  Executive 
Committee  and  Chairman  of  Committee,  shall  be  elect- 
ed by  ballot.  They  shall  enter  upon  their  duties  forth- 
with, and  shall  hold  office  until  their  successors  shall  be 
elected. 

Annual  Election. 

The  officers  of  the  Association,  the  Committees 
named  above  in  the  article,  and  the  Chairman  of  the 
Committee  on  Arbitration,  shall  be  elected  annually  by 
ballot  on  the  first  Monday  in  February,  and  their  term 
of  service  shah1  begin  on  the  next  succeeding  Monday. 
In  case  of  default  of  an  election,  the  incumbent  shall 
hold  over  until  his  successor  shall  be  elected.  In  case 
of  a  vacancy  by  death  or  otherwise,  the  Executive 
Committee  shall  forthwith  order  an  election  to  fill  the 
same.  The  Chairman  of  the  Executive  Committee 
shall  preside  at  the  annual  election  of  officers. 

ARTICLE  VI. 

Duties  of  President  and  Vice-President. 
It  shall  be  the  duty  of  the  President  to  preside  at 


80  STOCK   EXCHANGE   MANUAL. 

all  meetings  of  the  Board,  other  than  calling  of  Stocks, 
to  enforce  the  rules,  and  preserve  order. 

It  shall  be  the  duty  of  the  Vice-President  to  call 
Stocks  and  exercise  all  the  duties  of  the  presiding 
officer  in  the  absence  or  other  disability  of  the  Presi- 
dent. 

In  the  absence  of  the  President  and  Vice-President, 
the  members  present  may  elect  a  President  pro  tern. 

ARTICLE  VII. 
Duties  of  the  Secretary. 

It  shall  be  the  duty  of  the  Secretary  to  record  sales 
and  purchases  made  at  the  Board,  and  to  prepare  the 
same  for  the  press ;  also  to  keep  a  faithful  record  of  all 
the  proceedings  of  the  Board  in  a  book  of  minutes  pre- 
pared for  the  purpose ;  also  carefully  keep  and  preserve 
all  books  and  papers  of  the  Board,  and  of  the  several 
Committees  thereof,  not  properly  belonging  to  the  de- 
partment of  the  Treasury. 

ARTICLE  VIII. 

Duties  of  Standing  Committees. 
The  Executive  Committee,  the  Committee  on  Mem- 
bership and  Board  of  Appeals,  shall  each,  at  their  first 
meeting,  and  within  one  week  after  their  election,  elect 
from  their  own  number  a  Chairman  and  a  Secretary. 
The  Chairman  of  each  Committee  shall  preside  at  all 
meetings  of  the  same.  The  Secretary  of  each  Com- 
mittee shall  keep  a  true  and  faithful  record  of  all  the 
proceedings  of  said  Committee  in  a  separate  book,  de- 
voted expressly  to  the  minutes  of  that  Committee,  and 
the  minute  books  of  the  Committees,  when  not  required 
for  use  by  the  Committees,  shall  be  deposited  by  the 


PUBLIC    PETROLEUM    STOCK    EXCHANGE.  81 

Secretary  of  each  Committee  with  the  Secretary  of  the 
Board. 

Executive  Committee. 

The  Executive  Committee  shall  supervise  and  ar- 
range, from  time  to  time,  the  order  in  which  the  securi- 
ties shall  be  called  at  the  Board,  receive,  act  upon,  and 
report  to  the  Board,  together  with  their  recommenda- 
tions thereon,  all  applications  for  the  placing  of  securi- 
ties upon  the  list,  called  at  the  Board  ;  have  a  general 
supervision  over  the  Board  Room,  and  over  the  affairs 
of  the  Board,  and  they  shall  make  to  the  Association, 
from  time  to  time,  such  reports  and  recommendations 
as  will,  in  their  judgment,  best  promote  its  interests. 

Arbitration  Committee. 

The  Arbitration  Committee  shall  consist  of  a  chair- 
man, as  provided  for  in  Article  5,  and  four  other  mem- 
bers, to  be  appointed  by  the  President  on  the  first 
Monday  in  each  month,  to  serve  one  month.  It  shall 
be  the  duty  of  said  Committee  to  take  cognizance  of, 
and  exercise  jurisdiction  over,  all  claims  and  all  matters 
of  difference  between  the  members  of  the  Board,  and 
their  decision  shall  be  binding,  provided,  however,  that 
an  appeal  from  the  judgment  of  the  Arbitration  Com- 
mittee, may  be  taken  to  the  Board  of  Appeals,  upon 
condition  that  notice  shall  be  given  by  the  appellant  to 
the  appellee  within  one  week  of  the  rendition  of  the 
verdict  of  the  Arbitration  Committee,  of  his  intention 
to  appeal  the  case,  and  that  he  has  deposited  with  the 
Treasurer  of  the  Board  a  sum  which,  in  the  judgment 
of  said  Treasurer,  is  sufficient  to  secure  the  claim,  to- 
gether with  the  costs  of  the  appeal. 

The  chairman  of  the  Arbitration  Committee  shall 
4* 


82  STOCK   EXCHANGE   MANUAL. 

be    entitled   to  a  fee  of  fifteen  dollars  for  every  case 
tried,  which  shall  be  paid  by  the  losing  party. 

Board  of  Appeals. 

The  Board  of  Appeals  shall  take  cognizance  of  all 
cases  of  appeal  from  the  judgment  of  the  Arbitration 
Committee,  which  shall  be  made  in  accordance  with 
the  provisions  of  this  article,  and  each  member  sitting 
upon  a  case  shall  be  entitled  to  a  fee  of  five  dollars, 
payable  by  the  losing  party. 

ARTICLE  IX. 

Expulsion  and  Suspension  of  Members. 
The  By-Laws  shall  provide  for  the  expulsion  and 
also  for  the  suspension  and  re-admission  of  members  for 
same,  and  every  member,  upon  signing  the  Constitu- 
tion, pledges  himself  to  abide  by  the  same,  and  also  by 
all  By-Laws,  resolutions,  or  rules  which  may  be  passed 
by  the  Board. 

ARTICLE  X. 
Constitution  may  be  Amended. 

The  Constitution  shall  not  be  altered  except  in  the 
following  manner : 

The  proposed  alteration  or  amendment  shall  be  sub- 
mitted to  the  Board  in  writing,  and  referred  by  the 
presiding  officer  to  the  Executive  Committee  without 
debate.  The  proposed  amendment  shall  be  reported 
back  by  the  Committee,  amended  or  otherwise,  with- 
out unnecessary  delay,  accompanied  by  their  recommen- 
dations and  suggestions  with  regard  to  it,  and  the 
President  shall  then  call  a  special  meeting  of  the  Board 
within  not  less  than  five  nor  more  than  ten  days,  to  act 


PUBLIC   PETROLEUM   STOCK   EXCHANGE.  83 

upon  the  report  of  the  Committee.  At  this  special 
meeting  debate  shall  be  in  order,  and  upon  the  question 
of  the  adoption  of  the  provided  amendment,  it  shall  re- 
quire two-thirds  of  all  the  members  present  to  pass  the 
same. 

A  majority  of  all  the  members  present  shall  consti- 
tute a  quorum  for  the  transaction  of  business. 

ARTICLE  XI. 

Commissions. 

No  member  shall  charge  less  commission  than  the 
following  rates : 

On  Stocks  bought  or  sold  at  five  dollars  ($5)  and 
under,  three  cents  (3c.)  per  share. 

On  Stocks  bought  or  sold  over  five  dollars  ($5),  six 
cents  (6c.)  per  share. 

ARTICLE  XII. 

By-Laws. 

1st.  This  Association  shall  be  subject  to  the  follow- 
ing Laws,  adopted  by  the  Executive  Committee  of  the 
"  Public  Petroleum  Stock  Exchange." 

2d.  The  Stock  of  no  company  shall  be  placed  on  the 
lists  to  be  called  at  the  Board,  except  on  the  recom- 
mendation of  the  Executive  Committee. 


BY-LAWS. 

ARTICLE  I. 
First    Session. 

The  first  session  shall  commence  at  eleven  o'clock, 
A.  M.,  and  continue  as  long  as  business  may  require. 


84  STOCK   EXCHANGE   MANUAL. 

Order  of  Business. 

1st.  Calling  the  regular  list  of  Stocks. 
2d.  Miscellaneous  business. 

ARTICLE  II. 

The  presiding  officer  shall  decide  all  contested 
claims  for  sales  or  purchases  where  he  has  sufficient 
cognizance  of  the  transaction  to  form  an  intelligent 
opinion,  but  an  appeal  from  his  decision  shall  be  enter- 
tained, provided  it  be  seconded  by  a  disinterested 
member,  and  the  question  shall  be  for  sustaining  or 
reversing  the  decision  of  the  chair.  If  the  presiding 
officer  has  not  sufficient  knowledge  of  the  transaction 
to  decide  the  case,  he  shall  take  the  vote  of  the  Board. 
Neither  the  presiding  officer,  or  the  Secretary,  for  the 
time  being,  shall  make  any  transactions  in  stocks  while 
on  duty. 

ARTICLE  III. 
Offers  and  Bids. 

All  offers  to  buy  or  sell  securities  are  binding,  and 
no  member  may  withdraw  an  offer  except  in  an  audible 
voice. 

ARTICLE  IV. 

Interest. 

All  contracts  over  three  days  shall  bear  interest  at 
the  rate  of  six  per  cent,  per  annum. 

All  other  contracts  shall  bear  no  interest. 

ARTICLE  V. 

Deliveries. 

All  securities  shall  be  delivered  at  or  before  2 
o'clock  and  15  minutes,  the  day  they  are  due,  or  the 


PUBLIC   PETROLEUM   STOCK   EXCHANGE.  85 

party  to  receive  the  same  may  require  them  to  lay  over 
till  next  day,  without  interest,  and  all  contracts  over 
three  days  shall  require  one  day's  notice,  at  or  before 
2  o'clock,  P.  M. 

All  contracts  manuring  during  the  regular  closing 
of  the  transfer  books  shall  be  delivered  by  power  and 
certificate  ;  and  in  case  of  a  difference  as  to  the  suffi- 
ciency thereof,  it  shall  be  passed  upon  by  the  Executive 
Committee. 

All  privileges  to  call  for  or  to  deliver  Stocks,  shall 
be  binding,  and  subject  to  the  same  rules  as  other  con- 
tracts, except  that  they  shall  convey  no  interest,  and 
shall  expire  at  2  o'clock,  P.  M.,  unless  otherwise  ex- 
pressed. 

ARTICLE  VI. 
Deposits  may  be  Called. 

On  all  time  contracts,  either  party  may  call  at  any 
time  during  the  continuance  of  the  contract  for  a  mu- 
tual deposit  of  ten  per  cent. 

And  whenever  the  market  price  of  the  Stock  shall 
change,  so  as  to  reduce  the  margin  of  said  deposit 
either  way,  below  five  per  cent.,  either  party  may  call 
for  a  deposit  sufficient  to  restore  the  margin  again  to 
ten  per  cent. ;  and  this  may  be  repeated  so  often  as  the 
margin  may  be  so  reduced. 

In  all  cases  where  deposits  are  called  before  two 
o'clock,  they  shall  be  made  at  or  before  three  o'clock 
the  same  day.  If  called  after  two  o'clock,  they  shall 
be  made  before  twelve  o'clock,  A.  M.,  of  the  next  day. 

In  case  either  party  shall  fail  to  comply  with  a  de- 
mand for  a  deposit  in  accordance  with  the  provisions 
of  this  article,  it  shall  be  at  the  option  of  the  other 


86  STOCK   EXCHANGE   MANUAL. 

party  to  elect,  whether  to  cancel,  to  close  or  to  con 
tinue  the  contract. 

Whenever  there  is  a  difference  between  contract- 
ors as  to  the  place  of  deposit,  it  shall  be  made  in  the 
United  States  Trust  Company. 

ARTICLE  VII. 

Where  Contracts  are  not  Fulfilled. 
Should  any  member  neglect  to  fulfil  his  contract 
the  day  it  becomes  due,  after  having  been  duly  notified, 
the  party  contracting  with  him  may  employ  either  the 
President,  Vice-President,  or  Treasurer,  to  buy  or  sell 
the  Stock,  as  the  case  may  be,  either  in  open  market  or 
at  the  Board,  accounting  to  the  member  in  default  for 
any  surplus,  or  charging  him  any  deficiency,  including 
the  regular  commission  to  the  officer  employed  to  buy 
or  sell  the  same. 

ARTICLE  VIII. 
Suspension  of  Members. 

As  a  means  of  mutual  protection,  it  shall  be  the  duty 
of  every  member  to  report  to  the  Board  all  cases  of 
defalcation  of  contracts  of  other  members,  and  all  cases 
of  refusal  or  inability  to  pay  differences. 

Whereupon  the  President  shall  declare  the  member 
so  reported  suspended.  From  such  suspension  the  re- 
ported member  may  appeal,  and  demand  a  hearing 
before  the  Executive  Committee.  If  it  shall  appear 
that  the  complaint  is  just,  the  declaration  of  suspension 
shall  be  confirmed,  otherwise  it  shall  be  annulled.  Any 
member  once  suspended  for  the  above  cause  shall  not 
be  re-admitted  until  he  shall  have  settled  with  his 
creditors,  and  then  in  the  same  manner  as  new  mem- 


PUBLIC    PETROLEUM    STOCK    EXCHANGE.  87 

bers,  except  that  he  shall  not  be  required  to  pay  the 
initiation  fee  again. 

ARTICLE  IX. 
President  may  Inflict  Penalties. 

No  member  shall  use  indecorous  language  to  the 
Presiding  Officer,  or  any  fellow  member,  nor  shall  any 
member  interrupt  the  Presiding  Officer  while  perform- 
ing the  duties  of  the  chair,  or  any  other  member  while 
speaking. 

As  a  means  of  preserving  order,  the  Presiding 
Officer  may  inflict  a  fine  of  twenty-five  cents  for  all 
cases  of  infractions  of  the  rules,  or  of  disorder  of  any 
kind,  from  which  there  shall  be  no  appeal,  and  no  mem- 
ber shall  be  permitted  to  consume  the  time  of  the 
Board  by  questioning  the  propriety  of  the  fines  in- 
flicted, and  such  fines,  if  any,  shall,  at  the  expiration  of 
six  months,  be  paid  as  a  gratuity  from  this  organization 
to  some  charitable  institution,  hereafter  designated. 
The  Treasurer  to  have  charge  of  same. 

It  shall  be  the  duty  of  every  member,  by  the  prac- 
tice of  order  and  decorum,  to  do  all  in  his  power  to  facil- 
itate the  transaction  of  business,  and  any  member  who 
shall  habitually  violate  this  duty,  and  indulge  in  acts 
of  insubordination  and  unseemly  conduct,  to  the  in- 
jury of  the  interests  of  the  Board,  shall  be  admonished 
before  the  Board  by  the  President  of  the  necessity  of  a 
reformation.  If  after  that  he  shall  continue  the  ob- 
noxious conduct,  the  President  may  suspend  him  from 
the  privileges  of  the  Board  for  a  period  not  exceeding 
one  week. 


88  STOCK   EXCHANGE   MANUAL. 

ARTICLE  X. 
Resolutions,  c&c.,  Referred  to  Executive  Committee. 

All  resolutions  submitted  to  the  Board  shall  be  in 
writing,  and  all  such,  and  also  all  other  matter  for  legis- 
lation not  emanating  from  a  Committee  of  the  Board, 
and  not  requiring  immediate  action,  of  which  the  Pre- 
siding Officer  shall  be  the  judge,  shall  be  referred, 
without  debate,  to  the  Executive  Committee. 

ARTICLE  XI. 

Second  Session —  Order  of  JBusiness. 
The  second  session  shall  commence  at  two  and  a 
quarter  o'clock,  P.  M. 

Call  of  Stocks:  Reading  minutes  of  last  day,  other 
than  purchases  and  sales,  and  any  other  business  prop- 
erly belonging  to  the  Board. 

ARTICLE  XII. 
Changing  By-Laws. 

Any  By-Law  may  be  altered,  amended,  or  rescinded 
by  a  vote  of  a  majority  of  the  members  present. 

ARTICLE  XIV. 

Provides  that  a  bond  shall  be  entered  into  by  the 
proprietors  of  this  organization,  Messrs.  Richard  Kings- 
land,  Pickerell,  and  Gallaher,  for  and  in  behalf  of  the 
members,  to  the  effect  that  no  new  member  shall  be 
admitted  from  this  date  to  the  Exchange  for  a  less  sum 
than  one  hundred  dollars,  and  that  a  suitable  room 
shall  be  provided,  for  the  benefit  of  the  members,  for 
twelve  months,  and  that  said  bond,  when  executed, 
be  deposited  in  the  United  States  Trust  Company. 


NEW   YORK   PETROLEUM   STOCK   BOARD.  89 

VII. 

CONSTITUTION  AND  BY-LAWS  OF  THE 

NEW  YOKE  PETKOLEUM  STOCK 

BOARD. 


CONSTITUTION. 

ARTICLE  I. 
Name. 

THE  name  and  title  of  this  Association  shall  be  "  THE 
NEW  YORK  PETROLEUM  STOCK  BOARD,"  and  its  busi- 
ness shall  be  limited  to  the  purchase  and  sale  of  Stocks 
in  Petroleum  companies,  fully  organized. 

ARTICLE  II. 
Subscriptions. 

No  subscriptions  to  the  formation  of  new  companies 
shall  be  allowed  to  be  introduced  in  the  Board  Room. 

ARTICLE  III. 
Officers. 

The  officers  of  this  Association  shall  be  a  President, 
Vice-President,  Treasurer,  Secretary,  and  Assistant- 
Secretary.  They  shall  receive  such  compensation  as 
the  Board  may  hereafter  determine. 


90  STOCK   EXCHANGE   MANUAL. 

ARTICLE  IV. 
Standing   Committees. 

The  regular  standing  committees  shall  be  : 

1st.  An  Executive  Committee,  which  shall  consist 
of  three  members  of  the  Board,  and  of  this  committee 
the  President  shall  be  a  member,  ex-officio. 

2d.  A  Finance  Committee,  which  shall  consist  of 
three  members  of  the  Board,  and  of  this  committee  the 
Treasurer  shall  be  a  member,  ex-officio. 

3d.  A  Committee  on  Membership,  which  shall  con- 
sist of  five  members  of  the  Board. 

4th.  A  Committee  on  Arbitration,  which  shall  con- 
sist of  five  members  of  the  Board. 

A  majority  of  these  several  committees  shall  con- 
stitute a  quorum  for  the  transaction  of  business. 

ARTICLE  Y. 
Election  of  Committees,  pro  tern. 

At  the  next  meeting  of  the  Association  after  the 
final  adoption  of  this  Constitution,  a  President,  Vice- 
President,  Treasurer,  Executive  Committee,  Finance 
Committee,  Committee  on  Membership,  and  Chairman 
of  the  Arbitration  Committee,  shall  be  elected  by  ballot. 
They  shall  enter  upon  their  duties  forthwith,  and  shall 
hold  oifice  until  their  successors  shall  be  elected. 

Annual  Election. 

The  officers  of  the  Association,  the  committees 
immed  above  in  this  article,  and  the  Chairman  of  the 
Committee  on  Arbitration,  shall  be  elected  annually  by 


NEW   YORK   PETROLEUM   STOCK   BOARD.  91 

ballot,  on  the  first  Monday  in  October,  and  their  term 
of  service  shall  begin  on  the  next  succeeding  Monday. 
In  case  of  default  of  an  election,  the  incumbent  shall 
hold  over  until  his  successor  shall  be  elected.  In  case 
of  a  vacancy  by  death  or  otherwise,  the  Executive 
Committee  shall  forthwith  order  an  election  to  fill  the 
same.  The  Chairman  of  the  Executive  Committee 
shall  preside  at  the  annual  election  of  officers. 

ARTICLE  VI. 
Ditties  of  President  and  Vice- President. 

It  shall  be  the  duty  of  the  President  to  preside  at 
all  meetings  of  the  Board,  to  call  the  Stocks,  to  enforce 
the  rules  and  preserve  order. 

It  shall  be  the  duty  of  the  Vice-President  to  call 
Stocks  and  exercise  all  the  duties  of  the  presiding  officer 
in  the  absence  or  other  disability  of  the  President. 

In  the  absence  of  the  President  and  Vice-President, 
the  members  present  may  elect  a  President, />ro  tern. 

ARTICLE  VII. 
Duties  of  Treasurer. 

It  shall  be  the  duty  of  the  Treasurer  to  collect  and 
receive  all  money  due  the  Association,  and  hold  the 
same  subject  to  the  order  of  the  Finance  Committee. 
And  he  shall  regularly,  on  the  first  Monday  in  April 
and  the  first  Monday  in  October,  in  each  year,  and  also 
at  any  other  time  that  the  Board  may  direct,  render  a 
detailed  account  of  the  receipts  and  expenditures  of  the 
Board  since  the  date  of  the  last  account  rendered  by 
him. 


92  STOCK   EXCHANGE   MANUAL. 

He  shall  specify  particularly  from  what  source  or 
sources  the  receipts  have  been  derived,  and  for  what 
purpose  or  purposes  the  expenditures  have  been  in- 
curred. He  shall  also  state  the  balance  then  in  the 
treasury,  and  how  the  same  is  invested. 

He  shall  also  invest  the  surplus  funds  of  the  Associa- 
tion in  such  securities  (either  by  purchase  or  loan)  and 
at  such  times  as  the  Finance  Committee  shall  direct ; 
and  all  such  securities  shall  be  mimediately  deposited 
in  the  United  States  Trust  Company,  for  safe  keeping, 
to  be  withdrawn  only  on  the  joint  order  of  the  Treas- 
urer and  the  Chairman  of  the  Finance  Committee.  He 
shall  also  make  out  and  deliver  to  the  Assistant-Secre- 
tary, on  the  first  days  of  January,  April,  July,  and 
October,  in  each  year,  an  account  against  each  member 
for  all  fines,  and  he  shall  hold  the  Assistant-Secretary 
accountable  for  the  faithful  performance  of  his  duties 
in  collecting  the  same. 

ARTICLE  VIII. 
Duty  of  Secretary  and  Assistant- Secretary. 

It  shall  be  the  duty  of  the  Secretary  or  Assistant- 
Secretary  to  record  all  sales  and  purchases  made  at  the 
Board,  and  to  prepare  the  same  for  the  press ;  also,  to 
keep  a  faithful  record  of  all  the  proceedings  of  the  Board 
in  a  book  of  minutes  prepared  for  the  purpose;  also, 
carefully  to  keep  and  preserve  all  books  and  papers  of 
the  Board  and  of  the  several  committees  thereof,  not 
properly  belonging  to  the  department  of  the  Treas- 
urer. 


NEW    t"ORK   PETROLEUM    STOCK    BOARD.  93 

ARTICLE  IX. 
Duties  of  Assistant- Secretary. 

It  shall  be  the  duty  of  the  Assistant-Secretary  to 
prepare  and  keep  a  record  of  all  the  members  of  the 
Board,  the  place  of  business  of  each,  and  the  name  of 
the  firm,  if  any,  to  which  each  belongs ;  also,  to  record 
and  charge  all  fines  which  may  be  imposed,  and  report 
to  the  Treasurer,  on  the  first  day  of  each  month,  the 
amount  against  each  member  for  the  preceding 
month. 

He  shall  also,  during  the  first  week  in  each  of  the 
months  of  January,  April,  July,  and  October,  collect 
and  pay  over  daily  to  the  Treasurer  all  fines ;  and  if 
any  member  shall  neglect  or  refuse  to  pay  the  fines 
charged  to  him,  the  Assistant-Secretary  shall  report 
the  same  to  the  Treasurer,  who  shall,  after  giving 
reasonable  notice  to  the  delinquent,  report  the  fact  to 
the  Board,  if  the  fines  still  remain  unliquidated. 

ARTICLE  X. 
Duties  of  Standing  Committees. 

The  Executive  Committee,  the  Finance  Committee, 
and  the  Committee  on  Membership,  shall  each,  at  their 
first  meeting  and  within  one  week  after  their  election, 
elect  from  their  own  number  a  Chairman  and  Secretary. 
The  Chairman  of  each  committee  shall  preside  at  all 
meetings  of  the  same.  The  Secretary  of  each  committee 
shall  keep  a  true  and  faithful  record  of  the  proceedings 
of  said  committee  in  a  separate  book,  devoted  express^ 
ly  to  the  minutes  of  that  committee ;  and  the  minute 
books  of  the  committees,  when  not  required  for  use  by 


94  STOCK   EXCHANGE   MANUAL. 

the  committees,  shall  be  deposited  by  the  Secretary  of 
each  committee  with  the  Secretary  of  the  Board. 

Executive  Committee. 

The  Executive  Committee  shall  supervise  and 
arrange,  from  time  to  time,  the  order  in  which  the 
securities  shall  be  called  at  the  Board,  and,  in  connection 
with  the  Executive  Committee  of  the  Petroleum  Stock 
Exchange,  receive,  act  upon,  and  report  to  the  Board, 
together  with  their  recommendations  thereon,  all  ap- 
plications for  the  placing  of  securities  upon  the  lists 
called  at  the  Board ;  have  a  general  supervision  over 
the  Board  Room  and  over  the  affairs  of  the  Board ;  and 
they  shall  make  to  the  Association,  from  time  to  time, 
such  reports  and  recommendations  as  will,  in  their 
judgment,  best  promote  its  interests.  They  may  also 
employ  as  many  doorkeepers,  messengers,  and  pages 
as  in  their  opinion  the  interests  of  the  Board  may  re- 
quire ;  and  they  shall  fix  the  salaries  of  the  same. 

Finance  Committee. 

The  Finance  Committee  shall  have  charge  of  all 
funds  belonging  to  the  Board,  audit  the  accounts  of  the 
Treasurer,  and,  from  time  to  time,  direct  the  Treasurer 
to  invest  the  surplus  funds  of  the  Board  in  such  manner 
as  they  may  deem  most  advisable. 

Arbitration  Committee. 

The  Arbitration  Committee  shall  consist  of  a  Chair- 
man, as  provided  for  in  Article  5,  and  four  other  mem- 
bers, to  be  appointed  by  the  President  every  Monday 


NEW   YOKK   PETROLEUM   STOCK   BOARD.  95 

one  week.  It  shall  be  the  duty  of 
said  committee  to  take  cognizance  of,  and  exercise 
jurisdiction  over,  all  claims  and  all  matters  of  difference 
between  the  members  of  the  Board,  and  their  decision 
shall  be  binding. 

The  Chairman  of  the  Arbitration  Committee  shall 
be  entitled  to  a  fee  of  fifteen  dollars  ($15)  for  every  case 
tried,  which  shall  be  paid  by  the  losing  party. 

ARTICLE  XI. 

Committee  on  'Membership    and  Election    of  New 
Members. 

All  applications  for  membership  of  this  Board  shall 
be  upon  the  nomination  of  one  member,  and  must  be 
seconded  by  another.  The  name  of  the  candidate  shall 
then  be  announced  by  the  Chair,  and  referred  without 
debate  to  the  Committee  on  Membership  ;  and  it  shall 
be  the  duty  of  said  committee  to  cause  the  name  of  all 
candidates  referred  to  them  to  be  conspicuously  posted 
in  the  Board  Room ;  also,  to  make  diligent  inquiry  as 
to  the  qualifications  of  the  applicant,  and  if,  at  the 
expiration  of  not  less  than  five  days,  a  majority  of  the 
whole  number  of  said  committee  shall  be  in  favor  of 
admitting  him,  they  shall  so  report  to  the  Board,  and 
the  President  shall  forthwith  appoint  a  day  of  election, 
which  shall  not  be  less  than  five  business  days  there- 
after, and  shall  cause  a  notice,  containing  the  name  of 
the  candidate  and  the  day  of  election,  to  be  conspicu- 
ously posted  in  the  Board  Room.  The  election  shall 
take  place  on  the  day  named  in  said  notice,  and  shall 
be  at  the  first  session  and  by  ballot. 


96  STOCK   EXCHANGE   MANUAL. 

The  ballot-box  shall  be  in  charge  of  the  Assistant- 
Secretary.  The  poll  shall  open  at  the  opening  of  the 
session,  and  close  at  the  conclusion  of  the  call  of  Stocks. 
The  Assistant-Secretary  shall  forthwith  count  the  votes, 
and  if  it  shall  appear  that  the  whole  number  of  votes 
cast  are  twenty,  or  less  than  twenty,  then  there  shall 
be  no  election.  But  if  more  than  twenty  votes  are  cast 
.in  all,  and  there  are  not  more  than  ten  black  balls  in 
said  number,  the  President  shall  declare  the  candidate 
elected. 

If  a  majority  only  of  the  committee  report  against 
the  admission  of  a  candidate,  then  an  'election  shall  be 
held  in  the  same  manner,  and  the  same  rules  shall  apply 
as  if  the  committee  had  reported  in  favor  of  admission  ; 
but  if  the  committee  report  unanimously  against  the 
admission  of  a  candidate,  then  their  decision  shall  be 
final,  and  the  application  shall  be  declared  rejected,  and 
so  entered  on  the  minutes  of  the  Board.  A  candidate, 
once  rejected,  shall  not  be  renominated  within  thirty 
days. 

Upon  the  election  of  a  new  member,  the  Secretary 
shall  forthwith  notify  the  candidate  of  his  election,  and 
that  he  is  required  to  sign  the  Constitution,  and  pay 
the  subscription  to  the  Treasurer  of  the  Petroleum 
Stock  Exchange  within  ten  days,  when  he  will  be 
entitled  to  all  the  rights  and  privileges  of  a  member, 
and  in  default  of  which  his  election  will  be  void. 

Not  more  than  one  candidate  shall  be  balloted  for 
on  the  same  day,  and  the  candidates  for  election  shall 
come  up  in  the  same  order  in  which  they  are  reported 
on  by  the  Committee  on  Membership. 


NEW   YORK   PETROLEUM   STOCK   BOARD.  97 

ARTICLE  XII. 
Fictitious  Sales. 

No  fictitious  sales  shall  be  made  at  this  Board ;  and 
any  member  contravening  this  article  shall,  upon  con- 
viction, be  expelled,  and  no  employee  or  subordinate 
officer  shall  be  allowed  to  deal  in  Stocks  at  the  Board. 

ARTICLE  XIII. 
Expulsion  and  Suspension  of  Members. 

The  By-Laws  shall  provide  for  the  expulsion,  and 
al§o  for  the  suspension  and  re-admission,  of  members 
for  cause ;  and  every  member,  upon  signing  the  Consti- 
tution, pledges  himself  to  abide  by  the  same,  and  also 
by  all  by-laws,  resolutions,  or  rules,  which  may  be 
passed  by  the  Board. 

ARTICLE  XIV. 
Constitution  may  be  Amended. 

This  Constitution  shall  not  be  altered,  except  in  the 
following  manner : 

The  proposed  alteration  or  amendment  shall  be 
submitted  to  the  Board  in  writing,  and  referred  by  the 
presiding  officer  to  the  Executive  Committee,  without 
debate.  The  proposed  amendment  shall  be  reported 
back  by  the  committee,  amended  or  otherwise,  without 
unnecessary  delay,  accompanied  by  their  recommenda- 
tions and  suggestions  with  regard  to  it ;  and  the  Presi- 
dent shall  then  call  a  special  meeting  of  the  Board, 
within  not  less  than  five  nor  more  than  ten  days,  to  act 
5 


98  STOCK   EXCHANGE   MANUAL. 

upon  the  report  of  the  committee.  At  this  special 
meeting  debate  shall  be  in  order ;  and  upon  the  question 
of  the  adoption  of  the  proposed  amendment,  it  shall 
require  two-thirds  of  all  the  members  present  to  pass 
the  same. 

A  majority  of  all  the  members  must  be  present  to 
constitute  a  quorum  for  the  transaction  of  any  business, 
except  calling  Stocks,  and  the  election  of  new  mem- 
bers. 

ARTICLE  XV. 
Commissions. 

No  member  shall  charge  less  commissions  than  the 
following  rates : 

On  Stocks  bought  or  sold  at  five  dollars  ($5)  and 
under,  five  cents  per  share.  On  stocks  bought  or  sold 
over  five  dollars  ($5),  ten  cents  per  share. 

ARTICLE  XVI. 
By-Laws. 

This  Association  shall  be  subject  to  the  following 
By-Laws,  adopted  by  the  Trustees  of  the  "  Petroleum 
Stock  Exchange." 

1.  No  Trustee  shall  engage  in  the  business  of  buy- 
ing or  selling  Stocks  on  the  Exchange. 

2.  The  subscription  to  the  Exchange  shall  be  two 
hundred  and  fifty  dollars  a  year,  payable  annually  in 
advance,  and  its  operations  shall  commence  as  soon  as 
fifty  persons  shall  have  become  members. 

3.  The  Stock  of  no  company  shall  be  placed  on  the 
lists  to  be  called  at  the  Board,  except  on  the  recom? 


NEW   YORK   PETROLEUM    STOCK   BOARD.  99 

mendation  of  a  joint  committee,  composed  of  the 
Executive  Committee  of  the  Trustees,  and  of  three 
persons  to  be  elected  by  the  subscribing  members. 


BY-LAWS. 

ARTICLE  I. 
First  Session. 

The  first  session  shall  commence  at  eleven  and  one- 
half  o'clock,  A.  M.,  and  continue  as  long  as  business 
may  require- 

Order  of  Business. 

1st.  Notices  of  elections,  and  name  of  the  candidate 
of  the  day. 

2d.  Calling  the  regular  list  of  Stocks. 

3d.  Calling  Stocks  not  on  the  regular*  list,  at  the 
request  of  a  member,  who  shall  be  fined  fifty  cents,  and 
be  entitled  to  the  first  bid. 

4th.  Result  of  election. 

5th.  Miscellaneous  business. 

ARTICLE  II. 
Contested  Claims. 

The  presiding  officer  shall  decide  all  contested 
claims  for  sales  or  purchases,  when  he  has  sufficient 


100  STOCK   EXCHANGE   MANUAL. 

cognizance  of  the  transaction  to  form  an  intelligent 
opinion ;  but  an  appeal  from  his  decision  shall  be  en- 
tertained, provided  it  be  seconded  by  a  disinterested 
member,  and  the  question  shall  be  for  sustaining  or 
reversing  the  decision  of  the  Chair.  If  the  presiding 
officer  has  not  sufficient  knowledge  of  the  transaction 
to  decide  the  case,  he  shall  take  the  vote  of  the 
Board. 

ARTICLE  III. 
Offers  and  Bids. 

All  offers  to  buy  or  sell  securities  are  binding,  and 
no  member  may  withdraw  an  offer,  except  in  an  audible 
voice  ;  but  a  sale  shall  take  all  offers  off  the  floor.  No 
offer  or  bid  shall  be  recognized  between  partners  or 
members  of  one  firm.  No  offer  to  buy  or  sell  any 
security  of  a  less  amount  than  $250  at  par  valuation 
shall  be  in  order. 

In  all  offers  where  the  term  "  about "  is  used  as  to 
quantity,  the  variation,  more  or  less,  shall  not  exceed 
ten  per  cent.  All  offers  to  buy  or  sell,  and  not  other- 
wise expressed,  shall  be  considered  as  made  for  the 
regular  way. 

ARTICLE  IV. 
Interest. 

All  contracts  over  three  days  shall  bear  interest  at 
the  rate  of  six  per  cent,  per  annum.  All  other  contracts 
shall  bear  no  interest. 


NEW    YORK   PETROLEUM   STOCK   BOARD.  101 

ARTICLE  V. 
Duties  of  Secretary  or  Assistant- Secretary. 

It  shall  be  the  duty  of  the  Secretary  or  Assistant- 
Secretary  to  make  a  full  and  faithful  record  of  the 
purchases  and  sales  on  time,  which  record  shall  be  con- 
sidered as  binding  on  the  members;  to  record  in  a 
book  of  minutes  the  proceedings  of  the  Board,  and  to 
take  care  of  the  books  and  papers  of  the  Association, 
and  to  call  the  names  of  members  at  the  opening  of  the 
session  of  the  Board,  and  to  record  all  fines. 


•rrr  ,.'    ,    'o  j        >      3 

ARTICLE  VI. 
Deliveries.    ' «  '  •  ' 

All  securities  shall  be  delivered  at  or  before  2  o'clock 
and  15  minutes  the  day  they  are  due,  or  the  party  to 
receive  the  same  may  require  them  to  lay  over  till  next 
day,  without  interest ;  and  all  contracts  over  three 
days  shall  require  one  day's  notice,  at  or  before  2 
o'clock. 

All  contracts  maturing  during  the  regular  closing 
of  the  transfer  books  shall  be  delivered  by  power  and 
certificate  in  lots  of  not  over  one  thousand  shares ;  and, 
in  case  of  a  difference  as  to  the  sufficiency  thereof,  it 
shall  be  passed  upon  by  the  Executive  Committee.  All 
privileges  to  call  for  or  to  deliver  Stocks  shall  be  bind- 
ing, and  subject  to  the  same  rules  as  other  contracts, 
except  that  they  shall  carry  no  interest,  and  shall  expire 
at  2  o'clock,  P.  M.,  unless  otherwise  expressed. 


102  STOCK   EXCHANGE   MANUAL. 

AETICLE  VII. 
Deposits  may  be  called. 

On  all  time  contracts,  either  party  may  call,  at  any 
time  during  the  continuance  of  the  contract,  for  a 
mutual  deposit  of  twenty  per  cent,  on  the  contract 
price. 

And  whenever  the  market  price  of  the  Stock  shall 
change  so  as  to  reduce  the  margin  of  said  deposit, 
either  way,  below  ten  per  cent.,  either  party  may  call 
for  a  deposit  sufficient  to  restore  the  margin  again  to 
twenty  per  cent ;  and  this  may  be  repeated  as  often  as 
the  margin  may  be  so  reduced. 

In  all^  cases  ^  where  deposits  are  called  before  two 
o'clock,  tli6y  shall,  be  made  at  or  before  three  o'clock 
the  same  day.  If  called  after  two  o'clock,  they  shall 
be  made  before  twelve  o'clock,  M.,  of  the  next  day. 

In  case  either  party  shall  fail  to  comply  with  a 
demand  for  a  deposit,  in  accordance  with  the  provisions 
of  this  article,  it  shall  be  at  the  option  of  the  other 
party  to  elect  whether  to  cancel,  to  close,  or  to  con- 
tinue the  contract.  Whenever  there  is  a  difference 
between  contractors  as  to  the  place  of  deposit,  it  shall 
be  made  in  the  United  States  Trust  Company. 

ARTICLE  VIII. 
Where  Contracts  are  not  fulfilled. 

Should  any  member  neglect  to  fulfil  his  contract 
the  day  it  becomes  due,  after  having  been  duly  notified, 
the  party  contracting  with  him  may  employ  either  the 


NEW    YORK    PETROLEUM   STOCK   BOARD.  103 

President,  Vice-President,  or  Treasurer  to  buy  or  sell 
the  Stock,  as  the  case  may  be,  either  in  open  market  or 
at  the  Board,  accounting  to  the  member  in  default  for 
any  surplus,  or  charging  him  with  any  deficiency, 
including  commission  to  the  officer  employed  to  buy  or 
sell  the  same,  at  the  rate  fixed  by  these  By-Laws. 


ARTICLE  IX. 
Suspension  of  Members. 

In  all  cases  where  a  member  of  this  Board  shall  fail 
to  comply  with  his  Stock  contracts,  it  shall  be  the  duty 
of  his  creditor  to  report  said  default  to  the  President 
of  the  Board  within  three  days. 

And  thereupon  the  President  shall  declare  the 
member  so  reported  suspended.  From  such  suspension 
the  reported  member  may  appeal,  and  demand  a  hear- 
ing before  the  Executive  Committee.  If  it  shall  appear 
that  the  complaint  is  just,  the  declaration  of  suspension 
shall  be  confirmed;  otherwise  it  shall  be  annulled. 
Any  member  once  suspended  for  the  above  cause  shall 
not  be  re-admitted,  except  in  the  same  manner  as  new 
members ;  except  if  he  be  re-admitted  within  twelve 
mouths  of  the  day  of  his  suspension,  he  shall  not  be 
required  to  pay  his  subscription  fee  again. 

No  claim  or  contract,  unless  so  reported,  shall  ever 
after  be  recognized  or  enforced  by  the  Board.  During 
the  suspension  of  a  member  from  his  seat  at  the  Board 
no  such  report  shall  be  required. 


104  STOCK   EXCHANGE   MANUAL. 

ARTICLE  X. 
President  may  inflict  Penalties. 

No  member  shall  use  indecorous  language  to  the 
presiding  officer,  or  any  fellow  member;  nor  shall  any 
member  interrupt  the  presiding  officer  while  performing 
the  duties  of  the  Chair,  or  any  other  member  while 
speaking. 

As  a  means  of  preserving  order,  the  presiding  officer 
may  inflict  a  fine  of  twenty-five  cents  for  all  cases  of 
infractions  of  the  rules,  or  of  disorder  of  any  kind,  from 
which  there  shall  be  no  appeal,  and  no  member  shall  be 
permitted  to  consume  the  time  of  the  Board  by  ques- 
tioning the  propriety  of  the  fines  inflicted. 

Every  member  who  shall  fail  to  answer,  upon  the 
calling  of  his  name  at  the  opening  of  the  Board,  shall 
be  fined  therefor  25  cents  for  every  delinquency. 

It  shall  be  the  duty  of  every  member,  by  the  prac- 
tice of  order  and  decorum,  to  do  all  in  his  power  to 
facilitate  the  transaction  of  business;  and  any  member 
who  shall  habitually  violate  this  duty,  and  indulge  in 
acts  of  insubordination  and  unseemly  conduct,  to  the 
injury  of  the  interests  of  the  Board,  shall  be  admonished 
before  the  Board,  by  the  President,  of  the  necessity  of 
a  reformation ;  and  if,  after  that,  he  shall  continue  the 
obnoxious  conduct,  the  President  may  suspend  him 
from  the  privileges  of  the  Board  for  a  period  not  ex- 
ceeding one  week. 

ARTICLE  XL 

Resolutions,  <£c.,  referred  to  Meecutive  Committee. 
All  resolutions  submitted  to  the  Board  shall  be  in 


NEW   YORK   PETROLEUM   STOCK   BOARD.  105 

writing,  and  all  such,  and  also  all  other  matter  for  legis- 
lation not  emanating  from  a  committee  of  the  Board, 
and  not  requiring  immediate  action,  of  which  the  pre- 
siding officer  shall  be  the  judge,  shall  be  referred,  with- 
out debate,  to  the  Executive  Committee. 


ARTICLE  XII. 
Members  to  keep  their  seats. — N"o  Smoking. 

Every  member  shall  remain  at  his  seat  while  deal- 
ing in  Stocks,  and  no  member  shall  be  permitted  to 
deal  during  any  call  of  Stocks,  unless  he  be  within  the 
area  appropriated  to  members,  and  no  member,  except 
officers  on  duty,  shall  be  permitted  on  the  rostrum 
during  any  session  of  the  Board. 

No  smoking  shall  be  allowed  at  any  time  in  the 
Board  Room. 

ARTICLE  XIII. 
Changing  By -Laws. 

Any  By-Law  may  be  altered,  amended,  or  rescinded, 
by  a  vote  of  a  majority  of  the  members  present. 

ARTICLE  XIV. 
Passed  Nov.  7,  1864. 

All  offers  to  buy  or  sell  shall  be  in  dollars  and  cents, 
and  in  the  multiples  of  five  cents  upon  each  share. 


106  STOCK   EXCHANGE   MANUAL. 

ARTICLE  XV. 

Salaries. 

The  President  shall  receive  a  salary  of  $  per 

annum.    The  Yice-President  shall  receive  no  salary 
The  Treasurer  and  Secretary  shall  receive  no  salary. 
The  Assistant-Secretary  shall  receive  a  salary  of 
per  annum. 

All  the  above  salaries  shall  be  payable  monthly. 


CHAPTEE    III. 

STOCK  JOBBERS. 

THE  dealing  in  the  various  stocks,  bonds,  and  secu- 
rities is  the  business  of  the  Stock  Exchange,  and  the 
dealers  in  them  are  usually  known  as  stock  jobbers  and 
stock  brokers.  Many  who  belong  to  the  Stock  Board 
never  execute  an  order,  or  make  a  purchase  or  sale  of 
stock,  except  on  their  own  account — they  are  known 
especially  under  the  name  of  stock  jobbers. 

Those  who  constitute  this  class — we  mean  those  who 
are  interested  in  stocks  on  their  own  account — com- 
prise two  great  divisions,  the  bulls  and  bears,  or  the 
longs  and  the  shorts.  These  are  flash  terms,  but  well  un- 
derstood. Two  parties  having  contracted,  the  one  to 
deliver,  and  the  other  to  take  stock,  at  a  future  time  and 
at  a  specified  price,  it  is  the  interest  of  the  delivering 
party,  in  the  intervening  time,  to  depress  the  stocks,  and 
of  the  receiving  party  to  raise  them  :  the  former  is  call- 
ed a  bear,  in  allusion  to  the  habit  of  the  animal  to  pull 
down  what  he  paws,  and  the  latter  a  bull,  from  the  cus- 
tom of  that  beast  to  throw  up  with  his  horns.  There  is 
ordinarily  no  exchange  of  stock ;  but  when  the  time  of 


108  STOCK    EXCHANGE   MANUAL. 

delivering  arrives,  the  losing  party  pays  the  difference 
between  the  price  of  stock  then,  and  at  the  time  the 
contract  was  made.  The  terms  are  now  recognized  at 
the  Exchanges  of  large  cities  of  America  and  England. 
Its  corresponding  term  in  French  is  haussier  and 
baissier,  or  speculator  on  a  rise  or  on  a  fall. 

The  bulls  are  those  who  purchase  stocks  for  a  rise, 
sometimes  pay  for  them,  if  they  have  the  money  to 
spare,  or  spout  them  with  some  capitalist  or  bank — that 
is,  pledge  them  for  a  loan  of  money  ;  or  they  purchase 
them  at  the  Board,  buyer  10,  30,  60  days.  In  the  lat- 
ter case  they  have  the  option  to  take  them  any  time 
during  the  continuance  of  the  contract  at  the  purchase 
price. 

Of  the  bear  we  are  told  that  his  business  is  selling 
stocks  short — that  is,  he  contracts  to  deliver,  at  his  op- 
tion, in  10,  30,  60  days,  stocks  of  which  he  is  not  pos- 
sessed, with  the  hope  or  expectation  that  he  will  be  able 
to  buy  in  at  a  lower  price  to  fulfil  the  contract. 

There  is  nothing  strange  in  this  classification,  which 
designates  these  two  distinct  and  opposite  species 
of  traders.  Cotton  buyers,  whether  classed  as  com- 
mon merchants  or  brokers,  are  governed  by  the  same 
immutable  laws,  which  influence  buyers  and  sellers  of 
every  commodity.  However  prudent  and  secure  may 
be  the  produce  seller,  he  is  a  short-crop  man — the  buyer 
invariably  a  long-crop  man. 

Both  classes  of  operators  are  useful,  and  even  essen- 
tial. But  for  the  bulls,  no  enterprise  would  ever  be 
carried  into  effect ;  and  when  rogues  try  to  gull  the  pub- 
lic with  fraudulent  schemes,  and  to  foist  worthless  stock 
on  unsuspecting  investors,  the  bear  looms  up  as  the 
protector  of  his  species,  and,  by  selling  the  trash  short, 


STOCK   JOBBERS.  109 

develops  its  want  of  value,  and  warns  the  dupes  of  their 
danger.  When  values  are  too  low,  the  bull  reinstates 
them ;  when  they  are  too  high,  the  bear  interposes  and 
checks  the  enthusiasm  of  the  sanguine. 

The  stock  jobbers,  as  we  have  said,  are  stock  mer- 
chants. Of  course  they  are  large  holders  of  stock ;  it 
is  their  capital,  on  which  they  trade*  But,  however 
large  may  be  the  sum  they  hold,  they  often  agree  to  sell 
a  much  larger  sum,  expecting  that  in  the  mean  time  they 
shall  buy  a  larger  sum,  and  thus  be  able  to  set  off 
against  the  other.  But  sometimes,  as  the  settling  day 
approaches,  they  find  that  it  is  not  the  case,  and  they 
are  consequently  under  an  agreement  to  deliver — that 
is,  sell  more  stock  than  they  hold.  What  can  they  do 
now  ?  They  will  try  to  get  stock  from  those  who  have 
it,  by  agreeing  to  buy  it  of  them  now,  and  selling  it  at 
an  account  day,  10,  30,  60  days  hence,  at  the  same 
price.  When  that  is  the  case,  the  jobber  will  go  to 
the  shareholder  and  say :  "  If  you  like  to  lend  your 
shares,  you  can  get  money  for  nothing,  for  10,  30,  60 
days."  The  shareholder  replies :  "  Well,  I  don't  know 
if  I  can  make  much  interest  of  the  money  just  now,  but 
as  I  can  lose  nothing,  you  may  have  them."  Thus  the 
jobber  gets  the  stock,  and  completes  his  engagement. 
But  sometimes  the  jobbers  are  obliged  to  go  farther, 
and  even  to  offer  a  premium  to  the  parties  who  will 
lend  their  shares. 

Great  gains  usually  alternate  with  great  losses  in 
this  kind  of  business.  One  would  think  that  jobbers 
would  soon  die  of  worry  and  anxiety,  and  often  enough 
they  are  to  be  seen  very  "  down  in  the  mouth."  But 
nature  is  kind,  and  fits  the  back  to  the  burden,  or  rather 
most  of  these  men  have  been  born  with  the  peculiar 


110  STOCK   EXCHANGE   MANUAL. 

temperament  of  the  speculator.  They  have  an  extra 
amount  of  hopefulness,  and  get  through  life  with 
more  excitement,  indeed,  but  hardly  with  less  equa- 
nimity, on  the  whole,  than  any  other  men  engaged  in 
trade. 


CHAPTEK    IY. 

STOCK  BROKERS. 

THE  early  use  of  the  term  broker  designated  a  re- 
tailer of  goods  generally  supposed  to  belong  to  another 
person,  and  thence  applied  to  any  one  making  a  bargain, 
as  the  agent  of  another,  for  the  sale  or  purchase  of 
goods.  The  distinctive  character  of  a  broker  was  that 
he  acted  in  the  behalf  of  another,  and  in  his  name ;  at 
last,  when  the  contract  was  to  be  consummated,  the 
name  of  the  principal  was,  in  the  ordinary  course,  dis- 
closed. It  was  a  further  incident  of  a  broker's  em- 
ployment that  he  did  not  have  possession  of  the  goods 
purchased,  in  which  respect  he  differed  from  a  factor ; 
and  these  principles  still  apply.  But  the  office  of  a 
broker  has  been  vastly  extended  by  increasing  exigen- 
cies of  commercial  business.  The  principal  classes  are 
bill  brokers,  whose  employment  is  to  buy  and  sell 
notes  and  bills  of  exchange ;  bullion  brokers,  who  deal 
in  precious  metals ;  stock  brokers,  who  deal  in  stocks 
and  securities,  &c.,  &c. 

In  the  large  commercial  towns  of  Europe  an  ap- 
pointment is  generally  necessary  to  brokers  dealing 


112  STOCK    EXCHANGE   MANUAL. 

in  stocks,  money,  exchanges,  &c. ;  but  in  the  United 
States  neither  appointment  nor  security  is  required. 

The  property  dealt  in  at  the  Stock  Exchanges  is 
stocks,  shares  of  all  kinds,  Government  and  State  se- 
curities, railways,  mines,  petroleum,  canals,  &c.  In 
these  the  public  invests  its  spare  capital,  and  the  trans- 
fer of  these  stocks  from  one  hand  to  another  by  buying 
and  selling  is  so  great  that  the  day's  average  transac- 
tions amount  to  many  millions.  The  commission  upon 
these  transactions,  which  varies  according  to  the  Board 
where  they  are  dealt  in,  amounts  to  a  large  sum,  and 
that  sum  constitutes  the  profits  of  the  stock  brokers, 
who  conduct  the  sales  and  purchases  for  the  public. 

A  stock  broker  ought  not  to  deal  or  speculate  in 
stocks  at  all.  He  is  simply  the  agent  by  which  such 
purchases  or  sales  are  effected,  and  if  he  himself  be- 
come a  dealer,  the  persons  who  employ  him  have  no 
security  that  their  interests  will  be  properly  attended 
to.  He  may  buy  for  himself  the  stock  which  they 
commission  to  sell,  and,  in  such  a  case,  it  is  not  to  be 
expected  that  he  will  give  for  it  the  highest  price  that 
can  be  obtained. 

The  business  of  the  broker  is  simple  enough,  and  if 
he  has  good  connections,  it  is  as  profitable  as  it  is  easy. 
When  he  gets  an  order  to  execute,  all  he  has  to  do  is 
to  buy  or  to  sell  at  the  current  rate. 

Conventions  have  been  duly  established  for  their 
guidance  and  conduct,  and  they  comprise  the  most  in- 
fluential citizens.  They  constitute  the  different  Boards 
of  Exchange. 

The  regular  Board  in  New  York  is  composed  of 
about  400  members,  who  are  men  of  reputed  wealth, 
and  who,  at  their  two  daily  sessions,  either  on  their  own 


STOCK   BROKERS. 


113 


account  as  jobbers,  or  on  account  of  persons  for  whom 
they  act,  purchase  or  sell  the  various  stocks  which  are 
called  in  order.  The  delivery  of  stock  and  the  pay- 
ment at  full  price  is  the  almost  invariable  custom. 
Fictitious  sales  or  contracts  are  strictly  prohibited. 

When  a  member  of  the  Board  fails  to  deliver  or  pay 
for  stock  as  agreed,  his  name  is  struck  from  the  list ; 
he  may  be  re-admitted,  however,  upon  effecting  a  set- 
tlement with  his  creditors. 

We  give  a  full  list  of  the  members  of  the  regular 
New  York  Stock  Exchange. 


NAMES  OF  OFFICERS,  May,  1865. 

President — ROBERT  L.  CUTTING. 
Vice-President — M.  A.  WHEELOCK. 
Second  Vice-President— A.    H.  DYETT. 
Secretary — GEORGE  II.  BRODHEAD. 
Assistant-Secretary — JOHN  W.  MUNRO. 
Treasurer — WILLIAM  A.  SMITH. 
Roll-Keeper — E.  A.  SHIPMAN. 

MEMBERS  OF  THE  NEW  YORK  STOCK  BOARD,  May,  1865. 


Allardice,  N.  Charles,  33  Wall. 
Alstyne,  John,  60  Wall. 
Ames,  Theodore,  18  William. 
Ashley,  Ossian  D.,  52  Exchange 

pi. 

Bach,  J.  B.,  29  Wall. 
Barker,  Henry  R.,  34^  Pine. 
Bartlett,  Alfred  W.,  52  Exchange 

pi. 

Baylis,  Abraham  B.,  17  William. 
Bell,  William  J.,  18  William. 
Bend,  George  H.,  32  Wall. 
Benedict,  E.  Cornelius,  76  Wall. 
Benedict,  Henry  M.,  63  Wall. 
Blatchford,  Jas.  W.,  53  Exchange 

pi. 


Bowdoing,  G.  S.,  67  Wall. 

Bonner,  Edward  H.,  20  Broad. 

Bonner,  George  T.,  20  Broad. 

Bostwick,  Henry  A.,  70  Broad- 
way. 

Bostwick,  R.  C.,  49  Exchange  pi. 

Boyd  James  R.,  161  Pearl. 

Bradford  Nath'l  G.,  22  William. 

Brandon,  Edward,  Beaver. 

Brandon,  Joseph,  Beaver. 

Brodhead,  Geo.  H.,  59  Exchange 
pi. 

Brodhead,  Edward  C.,  59  Ex 
change  pi. 

Brown,  Thomas  E.,  25  Willia? 

Brown,  James,  49  Exchange  \  . 


114 


STOCK    EXCHANGE    MANUAL. 


Brown,  George,  11  Wall. 

Brush,  J.  T.,  17  William. 

Burrall,  Frederick  A.,  30  Wall. 

Cuhoone,  Andrew  M.,  30  Broad. 

Cammann,  Charles  L.,  56  WalL 

Cammann,  Oswald,  56  Wall. 

Campbell,  Alexander,  59  Pine. 

Carpenter,  Edward  D.,  33  Pearl. 

Chapman,  Henry  G.,  56  Wall. 

Chapman,  William  P.,  7  Wall. 

Clark,  Alexander  S.,  74  Wall. 

Clark,  Charles,  90  Wall. 

Clarkson,  Eugene,  48  Pine. 

Clerke,  William  B.,  50  Wall. 

Cobb,  Nathaniel  R.,  32  Broad. 

Colvill,  Alfred,  51  William. 

Colvill,  John,  51  William. 

Cooper.  William,  9  Broad. 

Corning,  Jasper,  68  Wall. 

Corning  Edwin,  68  Wall. 

Cornwell,  Richard  H.,  24  Pine. 

Cox,  Ken  yon,  31  Watt. 

Crommelin,  Robert  0.,  30  Wall. 

Cunningham,  James  W.,  7  New. 

Cutting,  Robert  L.,.  19  William. 

Cutting,  Robert  L.,  Jr.,  19  Wil- 
liam. 

Dakin,  G.  W.  B.,  23  WalL 

Dalton,  George  T.,  54  Wall. 

Dart,  James,  25  William. 

Decoppet,  Louis,  Exchange  pi. 

Delafield,  Edward.  Jr.,  67  WalL 

Denslow,  E.  H.,  2  New. 

Denny,  Thomas  J.,  39  Wall. 

D'Hervilly,  Felix, 18  Exchange  pL 

Dibble,  Edward,  22  New. 

Dodge,  Edward  M.,  47  Wall. 

Dornin,  William  C.,  15  William.. 

Dorr,.  A.  H. 

Dortic,  Henry  T.,  52  Exchange 
pi. 

Drake,  Albert  A.,  23  William. 

Drake  James  M.,  23  William. 

Duer,  Denning,  53  William. 

Duffy,  John  P.,  35  WiHiam. 

Durkee,.  Harrison,   19  William. 

Dyett,  Albert  IL,  20  Broad. 

Elliott,  H.  H.,  13*0  Pearl. 


Entz,  Ferdinand,  4  Wall. 

Fearing,  H.  S.,  7  Broad. 

Ferris,  Henry,  57  Exchange  pi. 

Ferris,  Warren,  57  Exchange  pi. 

Ferris,  A.  M.,  57  Exchange  pi. 

Fronk,  Edward  C.,  25  William. 

Fuller  James  M.,  56  WalL 

Gallatin  Albert,  34  WalL 

Gallatin,  James,  34  Wall. 

Garland,  John  R.,  25  William. 

Genin,  Sidney  C.,  155  West  34th. 

Gignoux,  Regis  C.,  54  Wall. 

Gillespy,  J.  W.y67  Exchange  pi. 

Gilley,  J.  W.,  47  Wall. 

Good'lilfe,  Edward  F. 

Gould,  Wm.  R.,  Jr.,  50  William. 

Gould  Charles,  58  Wall. 

Goui-lie,  John  H.,  34|  Pine. 

Graham,  Chas.,  42  Exchange  pi. 

Graham,  William  Irving,  48  Pine. 

Grant,  Jas.  H.,  20  Exchange  pi. 

Greenleaf,  Augustus  W.,  44  Ex- 
change pi. 

Groesbeck,  David,  30  Broad. 

Groesbeck,  Charles  E.,  48  WalL 

Grymes,  Charles  A.,  56  Ex- 
change pi. 

Hamilton,.  Mark,  Jr. 

Hamilton,  Wm.  H.,  25  William. 

Hartshorne,  Jas.  M.,  55  Ex- 
change pi. 

Hartshorne,  R.  B.,  55  Ex'ge  pL 

Hawley,  J.,  Broad. 

Haven,  Samuel  L.,  53  Beaver. 

Hays,  DewittC.,  II  Wall. 

Hays,  Jacob,  6f>  Wall. 

Hays,  William  H.,  43  Av.  D. 

Heminway,  Albert  G.,  10  Wall. 

Henderson,  Wm.  T.,  63  Beaver. 

Hopkins,  Samuel  M.,  53  Ex- 
change pi. 

Hoyt,  Lewis  T.,  41  Exchange  pi. 

Hoyt,  James  G.,  27  William. 

Huntington,  Lawrence  D.,  30 
Broad. 

IseKn,  John  A.,  32  Wall. 

Jaudon,  William  B.,  67  Ex- 
change pi. 


STOCK    BROKERS. 


115 


Jaudon,  Peyton,  37  William. 

Jaudon,  Frank,  37  William. 

Jenkins,  James  E.,  40  Broad. 

Jenkins,  W.  A.,  40  Broad. 

Johnson,  Hezron  A.,  50  Wall. 

Johnson,  J.  A.,  18  Broad. 

Ketchum,  Tredwell,  68  Wall. 

Ketchum,  Edward  B.,  40  Ex- 
cliange  pi. 

.King,  Edward,  4  Hanover. 

King,  Vincent  B.,  12  Wall. 

Kip,  Isaac,  Jr.,  24  Wall. 

Kissam,  Benjamin  P.,  36  Wall. 

Kissam,  P.  R.,  36  Wall. 

Lake,  Joseph  S.,  13  Broad. 

Lapsley,  Howard,  27  Wall. 

Lathrop,  0.  C.,  43  Wall. 

Lawrence,  DewittC.,  70  Wall. 

Lawton,  William,  Board  Room. 

Leonard,  Henry,  96  Broadway. 

Leroy,  William  H.,  54  William. 

Livingston,  Carroll,  67  Wall. 

Lockwood,  Alfred,  17  William. 

Lockwood,  LeGrand,  94  Broad- 
way. 

Lockwood,  F.  M.,  24  Broad. 

Lockwood,  Samuel  F.,  32  Wall. 

Low,  Henry  W.,  30  Broad. 

McKim,  H.,  62  Wall. 

Manley,  George,  25  William. 

Manley,  Reuben,  28  New. 

Manley,  Washington,  22  Broad. 

Marie,  Joseph,  27  William. 

Marie,  Peter,  27  William. 

Marvin,  Charles  H,  17  William. 

Marvin,  Charles  R.,  17  William. 

Marvin,  Tasker  II.,  17  William. 

Marston,  William  H.,  11  Wall. 

Massett,  Stephen  F.,  19  Broad. 

Massett,  Thomas  A.,  20  Ex- 
change pi. 

Maurice,  Abraham,  50  Wall. 

Maxwell,  Geo.  L.,  250  West  23d. 

Maxwell,  James,  15  William. 

McJimsey,  Joseph  M'.,  67  Ex- 
change pi. 

McLean,  Geo.  W,  48  Exchange 
pi. 


McVicker,  Wm.  H.,  23  William. 
Mcigs,  Charles  A.,  50  Exchange 

pi. 

Mills,  S.  A.,  57  Exchange  pi. 
Miller,  Augustus  F.,  50  Wall. 
Miller,  Edmond  H.,  20  Broad. 
Moore,  Richard  C.  W.,  40  Broad. 
Morgan,  Henry  T.,  35  William. 
Morrell  D.,  SO'Broad. 
Alunro,  John  W.,  25  William. 
Munroe,  E.  S.,  78  Broadway. 
Myers,  Peter  M.,  48  Wall. " 
Nathan,  Benj.  140  Greenwich. 
Nathan,  H,  H.,  27  William. 
Neilson,  William  H.,  70  Wall. 
Nevers,  Benjamin  M.,  15  Broad. 
Nichols,  LeRoy,  51  Exchange  pi. 
Nichols,  W.  S.,  50  Wall. 
Norris,  J.  B.,  64  Exchange  pi. 
Norwood,  A.  G.,  17  William. 
Oakley,  Henry  Cruger,  35  Wall. 
O'Brien,  William,  58  Wall. 
O'Brien,  John,  58  Wall. 
O'Brien,  Joseph  K.,  33  Wall. 
Oddie,  Orville,  3  Broad. 
Ogden,  Thomas  W.,  35  Pine. 
Palmer,  Francis  H.,  56  Wall. 
Pardow,  Robert,  33  Wall. 
Parke,  Horatio  S.,  65  Exchange 

pi. 

Patton,  Ludlow,  8  Broad. 
Payson,  George  P.,  7  Broad. 
Pendleton,  George  R.,  13  Broad. 
Perkins,  Joshua  N.,  50  Wall. 
Pinckney,  William,  54  Wall. 
Polhamus,  Jas.  A.,  43  Exchange 

pi. 

Post,  Samuel  L.,  40  Broads 
Pott,  Gideon,  7  Broad. 
Prime,  Edward,  54  Wall. 
Prime,  Edward,  Jr.,  54  Wall. 
Probst,  John  D.,  13  Broad. 
Purdy,  Elijah,  30  Pine. 
Quick,  Tunis  W.,  42  Pine. 
Quigley,  John  0.,  26  Broad. 
Quigley,  Lucien  G.,  26  Broad. 
Raymond,  C.  M.,  22  Exchange  pi. 
Richards,  T.  P.,  35  Pine. 


116 


STOCK    EXCHANGE    MANUAL. 


Riston,  John  A.,  53  Exchange  pi. 

Robinson  Beverly,  Jr.,  32  Broad. 

Rogers,  J.  W. 

Rollins,  Gustavus,  27  William. 

Rollins,  John  T.,  27  William. 

Rutter,  Clement  M.,  41  Pine. 

Salter,  Geo.  F.,  51  Exchange  pi. 

Sands,  Samuel  S.,  68  Wall. 

Sands,  William  R.,  68  Wall. 

Sauzade,  Ignatio  S.,  52  Wall. 

Saxton,  Edwin  A.,  22  Exchange 
pi 

Schack,  Otto  W.  C.,  31  Pine. 

Searles,  William,  20  Broad. 

Searles,  C.,  20  Broad. 

Seymour,  Wm.  Jr.,  3  Hanover. 

Seyton,  Charles  S.,  30  Wall. 

Shipman,  E.  J.,  Roll-Keeper,  81 
Wall. 

Simonson,  George,  39£  Ex- 
change pi. 

Sloarie,  Christian  S.,  46  Broad. 

Smith,  Wm.  Alexander,  52  Wall. 

Smith,  Eugene,  23  William. 

Sparks,  T.  J. 

Spear,  Charles,  25  William. 

Spear,  Joseph,  17  Wall. 

Stanton,  Edmund  D.,  22  William. 

Stebbins,  Henry  G.,  46  Exchange 
pi. 

Stebbins,  James  H.,  22  William. 

Stevens,  Philip  H.,  3  Hanover. 

Stone,  Joseph  F.,  50  Wall. 

Talboys,  William  P.,  7  Broad. 

Taylor,  Alexander,  76  Wall. 

Taylor,  Moses,  52  Wall. 

Taylor,  J.  H.,  34  Pine. 

Thayer  S.  H.,  22  William. 

Ten'Brook,  John,  20  Broad. 

Thomas,  Ludlovv,  52  Wall. 

Thome,  T.  W.,  20  Exchange  pi. 

Thome,  William  S.,  52  Wall. 

Toland,  Blair  M.,  20  Exchange  pi. 

Tompkins,  Minthorne,  Jr.,  65 
Wall. 

Tows,  Coe  D.,  46  Broad. 

Travers,  William  R.,  19  William. 

Trevor,  John  B.,  47  Wall. 


Underwood,  Henry  A.,  18  Ex- 
change pi. 

Van  Buskerck,  L.  J.,  22  William. 

Van  Rensselaer,  J.,  46  Exchange 
pi. 

Van  Schaick,  Jacob,  37  Broad. 

Van  Vliet,  Benson,  94  Exchange 
pi. 

Vermilye,  Washington  R.,  44 
Wall. 

Voorhees,  Charles  H.,  48  Pine. 

Voorhecs,  W.  D.,  24  New. 

Wainwright,  J.  H.,  30  Wall. 

Walker,  Francis  T.,  18  Wall. 

Walker,  Jr.,  18  Wall. 

Wallace,  Francis  B.,  37  Ex- 
change pi. 

Ward,  John,  54  Wall. 

Ward,  Henry  H.,  54  Wall. 

Wrarren,  John,  65  Wall. 

Wnrren,  James  K.,  65  Wall. 

Watson,  Gavin  H.,  52  Exchange 
pi. 

Weeks,  Edward  A.,  58  Wall. 

Weeks  James,  58  Wall. 

Weston,  Geo.  S.,  24  Exchange  pi. 

Wheelock,  Moses  A.,  25  William. 

White,  Loomis  C.,  19  WTilliam. 

White,  C.  G.,  29  Wall. 

White,  Edward  H.,  103  Broad. 

Whitehouse,  Edw'd,  29  William. 

Whitehouse,  John  H.,  29  Wil- 
liam. 

Wigham,  Thomas  M.,  33  Pine. 

Wilcox,  Harvey  R.,  23  William. 

Willard,  Edward  K.,  4  Wall. 

Williams,  John  W.,  45  William. 

Williams,  Charles  S.,  5  Broad. 

Williams,  J.  P.,  168  Maiden  la. 

Williams,  W.  J.,  15  Stone. 

Willis,  Andrews  J.,  60  Wall. 

Wilson,  George  W.,  16  Ex- 
change pi. 

Wilson,  Henry  S.,  34^-  Pine. 

Winthrop,  Robert,  40  Wall. 

Wolff,  Edward,  60  Wall. 

Wood,  Alexander  G.,  5  Broad. 

Worth,  S.  W.,  74  Wall. 


CHAPTER  Y. 

MODUS     OPEE  ANDI. 

WE  propose  at  this  time  to  describe  the  nature  of 
the  business,  and  notice  some  of  the  peculiar  features  of 
the  Stock  Exchange  operations.  The  present  period  is 
very  suitable  for  our  purpose,  for  there  has  seldom 
been  more  excitement  among  those  who  for  the  past 
few  years  have  been  the  chief  patrons  of  the  jobbers  and 
brokers,  than  at  the  present  time. 

The  dealings  which  take  place  on  the  Stock  Ex- 
change are  of  two  kinds  :  the  one  is  termed  a  dealing 
for  money ;  the  other,  a  time  bargain. 

A  transaction,  whether  it  be  a  purchase  or  sale  of 
stocks  or  shares,  for  money,  is  a  bona  fide  transaction 
— a  time  bargain  is  a  speculation.  From  the  first  origin 
of  the  funds,  both  kinds  of  dealing  have  been  common 
at  the  Stock  Exchange,  and  the  legislature,  on  various 
occasions,  has  endeavored  to  check  and  put  a  stop  to 
speculative  operations ;  but  as  the  practice  has  con- 
tinued uninterruptedly,  notwithstanding  penal  statutes, 
it  is  hardly  surprising  that  when  such  a  field  of  specu- 
lation as  that  opened  by  the  railways  presented  itself, 


118  STOCK   EXCHANGE   MANUAL. 

the  mania  for  gambling  on  the  Stock  Exchange  exhib- 
ited itself  with  undiminished  vigor. 

In  order  to  explain  clearly  the  nature  of  the  bu- 
siness transacted  daily  at  the  Stock  Exchange  in  the 
public  securities,  we  shall  treat  the  various  stages  of  a 
transaction  for  money  and  of  a  time  bargain,  so  that  a 
person  perfectly  unacquainted  with  Stock  Exchange 
dealings  may  understand  the  matter;  and  such  of 
our  readers  as  are  familiar  with  the  more  ordinary 
features  of  a  purchase  or  sale  of  stocks  or  shares,  must 
pardon  us  if  we  appear  to  be  too  literal  in  our  de- 
scription, because  we  feel  assured  that  the  information, 
however  well  known  to  brokers  and  traders  in  New 
York,  will  be  acceptable  to  many  at  a  distance  from 
Wall  street. 

The  first  proceeding  of  a  person  who  wishes  to  pur- 
chase or  sell  any  of  the  securities  dealt  in  at  the  Stock 
Exchange,  is  to  apply  to  a  stock  broker  to  execute  his 
order.  The  Stock  Exchange  itself  is  a  close  corporation. 

We  will  suppose,  for  the  purpose  of  illustrating  a 

transaction,  that  M.  S ,  having  a  little  money  at 

his  disposal,  wishes  to  invest  in  Government  stocks  or 
some  more  profitable  security.  On  consulting  the  stock 
broker  or  other  clever  man,  he  is  told  that  the  railway 
shares  will  give  him  Y  or  8  per  cent,  interest ;  but  if  he 
is  desirous  of  obtaining  a  better  return  for  his  capital, 
that  Government  securities  will  pay  him  more  if  the  pre- 
mium on  gold  continues  to  be  very  high.  M.  S  , 
like  thousands  more  in  his  position,  accepts  Governments 
as  his  investment,  and  the  broker  receives  his  order  to 
invest,  say  $10,000,  in  5-20  bonds,  at  the  market  price. 

Having  received  his  instructions,  the  stock  broker 
proceeds  to  the  Stock  Exchange,  and  when  the  stock 


MODUS    OPEEANDI.  119 

is  called  in  order,  or  even  after  the  session,  buys  $10,000 
bonds,  5-20s,  at  105,  market  price. 

He  enters  the  transaction  in  his  memorandum 
book,  and  returning  to  his  office,  makes  out  a  note  for 
M.  S ,  in  the  following  form,  or  about : 

"  NEW  YORK,  April  15th,  1865. 

"Bought  for  M.  S $10,000  5-20,  at  105. 

(Signature) ." 

In  paying  the  amount,  the  shares  would  have  been 

transferred  at  once  into  the  name  of  M.  S in  the 

transfer  books,  and  the  transaction  completed ;  but  if 

M.  S has  not  money  enough  to  pay  the  full  amount, 

by  agreeing  with  the  broker  he  can  keep  the  stock  on 
a  margin,  paying  interest  on  that  amount,  as  a  loan.  In 
such  case,  he  cannot  ask  for  delivery,  because  the  broker 
keeps  the  stock  as  security. 

A  speculative  purchase  or  sale  of  shares  is  altogether 

different  from  the  transaction  of  M.  S we  have  been 

describing. 

It  includes  a  variety  of  speculative  transactions, 
such  as  option  3,  10,  30,  60  days,  and  other  dealings, 
which  are  more  conveniently  described  by  themselves. 
It  is,  in  fact,  a  wager  that  the  stock  rise  or  fall 
within  a  given  time,  the  amount  of  stakes  being  the 
difference  in  the  fall  of  stock  between  the  period  when 
the  transaction  takes  place  and  the  settling  day.  For 
example,  a  person  having  a  good  opinion  of  the  New 
York  Central,  and  observing  that  it  was  very  recently 
quoted  at  140,  while  it  is  now  at  84,  calls  on  a  broker, 
and  desires  him  to  purchase  100  shares,  30  days. 

The  broker  goes  to  the  Stock  Exchange,  buys,  and 
delivers  the  contract  note  of  the  purchaser  to  the  specu- 


120  STOCK   EXCHANGE   MANUAL. 

lator  in  the  ordinary  way.  The  broker  on  his  bill  gives 
the  name  of  the  party  with  whom  he  has  dealt,  and  is 
not  in  the  least  responsible  for  the  delivery  or  non-de- 
livery of  the  stock. 

If  the  shares  advance  in  price  at  anytime  before  the 
fixed  day,  the  speculator  can  order  the  sale  of  the 
shares  he  nominally  purchased,  and  the  broker  on  the 
fixed  day  will  hand  him  a  check  for  the  difference  be- 
tween the  price  on  that  day  and  selling  price.  If,  on 
the  contrary,  the  shares  go  down,  the  speculator,  on 
the  fixed  day,  must  pay  the  broker  the  difference  be- 
tween the  price  on  that  day  and  that  on  which  they 
were  bought.  If  the  speculator  sells  the  shares  and 
pays  the  difference,  the  transaction  is  concluded ;  but 
if  he  still  thinks  that  the  price  will  improve,  he  desires 
the  broker  to  carry  over  the  shares  to  its  account,  for 
which  he  will  pay  what  is  called  a  continuation,  being  a 
sum  per  share,  with  the  charges,  for  allowing  the  con- 
tract to  remain  open  till  the  other  period. 

In  that  case,  however,  the  speculator  must  still  pay 
the  difference  which  has  taken  place  in  price,  and  he 
then  holds  the  shares  at  the  reduced  quotation,  as  if  he 
had  purchased  them  regularly  at  that  price.  The 
broker  charges  him  commission  each  time  the  shares 
are  continued  over,  as  if  it  were  a  fresh  purchase,  which, 
In  fact,  it  is,  only  that  the  speculator  has  the  advantage 
of  buying  in  the  shares  at  a  lower  price  than  if  he  went 
to  another  broker  to  purchase. 

The  rate  of  continuation  paid  depends  on _the  state 
of  the  market  with  respect  to  speculative  transactions. 
If  many  parties,  like  the  speculator  we  are  describing, 
who,  being  in  favor  of  a  rise  in  prices,  is  termed  a  butt, 
have  been  purchasers  on  speculation,  and  the  jobbers 


MODUS    OPERANDI.  12] 

are  short  of  stock,  the  continuation  will  be  low.  But, 
on  the  contrary,  large  bona  fide  sales  have  been  made, 
and  the  jobbers  are  anxious  to  deliver  stock  :  then  they 
make  the  continuation  higher,  on  the  same  principle  of 
regulating  supply  and  demand  as  that  which  determines 
the  quotation  at  which  they  buy  and  sell. 

A  speculation  of  the  kind  we  have  described  can  be 
easily  understood.  But  a  speculative  sale,  when  the 
speculator  has  no  stock  belonging  to  him  to  deliver,  if 
required,  appears  to  be  a  more  complicated  transac- 
tion. Speculative  purchases  and  sales  are,  however,  very 
nearly  of  the  same  character.  If,  for  instance,  the  party 
we  have  been  referring  to  thinks  that  the  price  of  New 
York  Central  will  fall  instead  of  rising,  he  may  endeavor 
to  realize  a  profit  by  ordering  the  sale  of  50  shares, 
instead  of  the  purchase  which  we  have  supposed  him 
to  make.  In  this  case  he  is  called  a  bear,  and  his  ob- 
ject is  to  depress  the  market  value  of  the  shares  as 
much  as  possible,  with  the  view  of  purchasing  them  at 
the  settling,  or  before,  at  a  lower  price  than  he  has  sold 
them  at.  This  species  of  speculation  has,  no  doubt, 
been  recently  going  on  extensively.  It  is  a  more  dar- 
ing kind  of  operation  than  a  purchase,  because  a  spec- 
ulative purchaser  may,  if  he  likes,  take  up  the  shares, 
and  become  a  bona  fide  speculator.  But  a  seller  who 
has  no  shares  to  sell,  stands  in  a  different  position. 

When  a  speculator  has  effected  a  speculation,  the 
continual  fluctuations,  rising  and  falling  of  the  stock, 
prevent  his  understanding  his  true  position.  He  con- 
stantly hopes  to  realize  profits,  or  to  be  informed  of 
losses  sustained  that  may  bring  about  his  ruin.  So  it 
often  happens  that  the  speculator  purchases  and  sells 
stocks  continually,  thinking  thus  to  increase  his  profits 
6 


122  STOCK   EXCHANGE   MANUAL. 

or  diminish  his  losses.  Thus,  after  having  sold  once 
100  N.  Y.  Central  at  100,  if  there  should  be  a  rise,  he 
sells  100  additional  shares ;  if  the  prices  rise  still  higher, 
he  will  sell  200  additional.  He  will,  consequently,  have 
sold  in  all  400,  and  the  slightest  reaction  will  enable 
him  to  pocket  a  profit. 

The  speculator  on  a  rise,  who  has  made  a  mistake, 
acts  in  the  same  manner,  to  escape  the  consequences  of 
his  heedlessness.  He  purchases  and  purchases,  so  as  to 
reduce  the  price  of  his  bargain.  This  kind  of  specula- 
tion is  known  as  "  making  an  average,"  and  must  be 
considered  as  the  most  rational  and  least  hazardous  of 
all. 

Strange  to  say,  in  this  city  of  money,  money  can- 
not be  seen.  Money  makes  no  appearance  in  the  trans- 
action. Bits  of  paper,  with  some  writing  on  them,  are 
the  potent  agents  of  the  scene.  Paper,  paper  every- 
where ;  but  not  bank  notes.  Set  a  man  to  buy  some 
shares.  He  sees  the  rate  they  are  quoted  at,  and  go- 
ing into  the  dingy  office  of  his  broker,  commissions  him 
to  buy.  The  broker  goes  to  the  Stock  Exchange, 
makes  a  bargain  at  the  current  rate,  and  brings  back 
either  a  check  or  a  stamped  agreement  to  purchase, 
which  he  hands  to  his  client.  Coupons  or  certificates 
are  given  on  one  side,  and  a  check  on  the  other, 
but  no  notes  or  currency.  The  same  takes  place 
at  the  Produce  Exchange,  only  produce  is  there  dealt 
in  instead  of  stocks.  If  you  pay  a  man,  you  give  him 
a  check ;  if  you  discount  a  bill,  you  get  the  proceeds 
in  a  check;  if  you  obtain  a  loan  from  your  banker 
on  stock,  the  amount  is  placed  to  your  credit;  and 
you  tell  your  creditor  to  draw  on  you,  or  give  him 
a  bill.  It  is  really  a  strange  thing  to  contemplate  so 


MODUS    OPERANDI.          .  123 

much  wealth  changing  hands.  It  is  the  ghost  of 
money  that  occupies  the  city ;  or  rather  it  is  money 
in  its  most  civilized  form,  convenient  and  inexpensive. 
It  is  the  check  system  ;  and,  after  all,  money  itself  is 
nothing  else  than  a  form  of  credit — a  thing  which  men, 
by  common  consent,  have  agreed  to  recognize  as  a  def- 
inite symbol  of  wealth,  a  representative  of  property. 


CHAPTER    71. 

FINANCIAL   ARTICLES. 

THE  wealthy  and  busy  precinct  has  a  literature  of  its 
own — journals  whose  special  task  is  to  record  its  own 
operations,  and  set  forth  its  condition.  But  it  has  more 
than  this,  for  the  whole  country  takes  interest  in  its 
bulletins.  In  our  daily  newspapers  there  is  a  depart- 
ment of  news  never  omitted,  which  is  scanned  with 
devout  attention  by  hundreds  of  thousands  of  readers, 
yet  which  is  certainly  not  indebted  for  its  popularity  to 
any  attractiveness  of  style  or  appearance.  It  is  the 
driest  column  or  columns  of  the  newspaper.  It  is  full  of 
figures,  and  tables  of  figures,  usually  so  repulsive  to 
readers,  preceded  by  a  few  paragraphs  of  a  very 
stereotyped  aspect,  and  couched  in  language  peculiar 
to  itself,  wherein  we  read  of  6's  81,  10-40,  5-20,  &c., 
&c.,  and  other  such  things,  hard  to  be  understood  by 
the  uninitiated,  however  conversant  they  may  be  with 
the  grammar  and  Webster's  Dictionary. 

We  also  read  that  the  market  is  easier,  or  that  it 
opened  flat,  that  it  assumed  a  more  lively  appearance, 
or  that  it  showed  a  falling  tendency  or  great  depres- 


FINANCIAL    ARTICLES.  125 

sion.  The  never-omitted  and  much-studied  portion  of 
the  paper  is  the  Financial  and  Commercial,  in  which 
the  health  and  spirit  of  the  money  market  are  describ- 
ed pathologically ;  the  price  of  stocks  and  shares  and 
the  condition  of  all  established  companies  quoted  on 
'Change  are  carefully  recorded. 

This  article  is  not  read  merely  by  a  particular  class 
of  the  community.  All  classes  and  all  places  in  the 
country  have  a  direct  interest  in  the  facts  which  it  re- 
cords. It  is  read  with  interest,  not  merely  in  New 
York,  Boston,  or  Philadelphia,  and  the  other  great 
centres  of  industry,  but  even  in  uncommercial  cities, 
where  men  live  by  learned  professions  only,  and  who 
scorn  trade,  in  the  old  sense  of  the  word.  It  is,  then, 
very  interesting  to  explain  for  the  uninitiated  all  that 
is  not  generally  understood. 


STOCK. 

In  England,  the  term  Stock  is  confined  to  the  Gov- 
ernment stocks,  annuities,  and  the  term  Share  is  used 
for  the  capitai  stocks  of  railroads,  banks,  mines, 
&c.  In  the  United  States,  the  bonds  of  the  National 
debt,  as  well  as  of  States,  counties,  cities,  and  the 
shares  of  railroads,  banks,  mines,  manufactories,  and 
insurance  companies,  are  all  called  Stocks.  In  France, 
the  word  Rentes  has  the  same  limitation  as  Stock  in 
England. 

SCKIP. 

Scrip  is  an  abbreviation  of  the  term  subscription,  and 
is  applied  to  part  of  the  Stock  given  in  exchange  for  a 


126  STOCK   EXCHANGE   MANUAL. 

loan,  as  Illinois  scrip,  New  York  scrip,  &c.,  &c.,  and  may 
be  sold  separately  as  such  until  all  the  instalments  of  a 
loan  are  paid  up,  when  the  term  is  no  longer  applied  to 
them. 

OPTIONS 

Are  dealt  in  with  almost  every  description  of  Stock, 
and  may  be  either  a  put  and  call,  or  a  put,  or  a  call. 


A  PUT  AND  CALL. 

A  put  and  call  is  when  a  person  gives  so  much  per 
cent,  for  the  option  of  buying  or  selling  so  much  Stock, 
on  a  certain  fixed  day,  at  a  price  fixed  the  day  option 
money  is  given. 

A  PUT. 

A  put  is  when  a  person  gives  so  much  for  the  op- 
tion of  selling  so  much  Stock  at  a  certain  time,  the  price 
and  date  being  fixed  at  the  time  the  option  money  is 
given. 

A  CALL. 

A  call  is  when  a  person  gives  so  much  for  the  op- 
tion of  buying  Stock  at  a  certain  time,  the  price  and 
date  being  fixed  at  the  time  the  option  money  is 
given. 

The  value  of  these  options  fluctuates  according  to 
the  market,  or  the  amount  of  business  there  is  doing, 
and  they  can  be  done  from  day  to  day,  or  for  the  whole 
account. 


FINANCIAL  ARTICLES.  127 

BUYER'S  OPTION. 

The  phrase  buyer's  option  added  to  the  memoran- 
dum of  a  sale  of  Stock,  implies  that  the  purchaser  who 
buys  at  10,  30,  or  60  days,  can,  at  his  own  choice,  call 
for  the  delivery  of  the  Stock  at  any  time  within  the 
period,  by  giving  one  day's  notice,  and  paying  interest 
to  the  time  he  calls.  Such  purchases  are  usually  made 
at  a  little  above  the  cash  price. 


SELLER'S  OPTION. 

Seller's  option,  on  the  contrary,  is  a  little  below  the 
cash  price,  and  the  seller  has  the  right  to  deliver  any 
day  within  the  limited  time,  by  giving  one  day's  no- 
tice, receiving  interest  up  to  the  time  of  delivery. 


CORNER. 

Corner  is  an  operation  by  several  jobbers,  who  form 
a  clique  to  compel  others  to  pay  a  heavy  difference  on 
the  price  of  the  Stocks.  Sometimes  the  clique  pur- 
chases gradually  a  large  amount  of  Stocks  on  time, 
buyer's  option ;  they  next  sell  the  same  amount  on  time, 
seller's  option,  so  as  to  secure  an  eventual  market  for 
their  Stocks ;  then  they  buy  for  cash,  thus  raising  the 
price,  and  make  a  sudden  call  for  the  Stock  they  have 
purchased  on  buyer's  option,  which,  if  they  have  cal- 
culated correctly,  compels  the  parties  from  whom  they 
have  purchased  to  buy  of  them  at  a  higher  price,  in  order 
to  deliver  at  a  low  one.  The  operation  is  attended 
with  considerable  hazard.  • 


128  STOCK    EXCHANGE    MANUAL. 

Some  twenty  or  thirty  years  ago,  a  corner  was  engi- 
neered in  Morris  Canal  Stock,  a  long  since  forgotten 
fancy.  Most  of  the  operators  in  the  Board  and  on  the 
street  believed  it  to  be  ruling  above  its  value,  and  sold 
it  short.  On  this  a  shrewd  clique  bought  up  all  the 
loose  Stock,  and  locked  it  in  a  trunk.  The  shorts  dis- 
covered, as  their  contracts  matured,  that  there  was  no 
Stock  to  be  had,  except  of  the  cornering  clique,  and 
they  demanded  an  exorbitant  price.  Dismay  prevail- 
ed on  all  sides.  There  was  no  precedent  for  the  case. 
The  bears  accused  the  cornerers  of  conspiracy,  and  de- 
nounced the  corner  as  a  piece  of  roguery.  The  bulls 
retorted  by  inquiring  why  their  antagonists  had  sold 
that  which  they  did  not  possess  and  apparently  could 
not  produce.  After  much  altercation,  the  dispute  was 
referred  to  the  Board  of  Brokers,  and  that  body,  new 
to  such  points,  actually  decided  in  favor  of  the  shorts, 
pronouncing  a  verdict  which  virtually  relieved  them 
from,  the  necessity  of  fulfilling  their  contracts,  on  the 
ground  that  the  corner  was  a  conspiracy. 

The  Board  has  grown  wiser  since  then.  In  our 
time,  if  a  man  is  cornered,  he  can  get  neither  relief  nor 
sympathy  by  applying  to  the  Board.  He  must  deliver 
or  break. 

LAME   DUCK. 

A  lame  duck  is  a  broker  who  is  unable  to  respond 
with  the  shares  or  money  when  the  contract  matures. 

TURN   A   STOCK. 

Turn  a  Stock  is  to  buy  it  for  cash  from  a  party,  and 
to  sell  it  back  to  the  same  on  buyer's  option,  for  10,  20, 
30  days. 


FINANCIAL   ARTICLES.  129 

SPREAD    EAGLE. 

A  spread  eagle  is  the  operation  of  a  broker  who 
sells  a  given  quantity  of  Stock  on  time,  say  60  days, 
buyer's  option,  and  buys  the  same  quantity  at  a  lower 
price,  on  the  same  time,  at  the  seller's  option.  If  both 
contracts  run  their  full  time,  he  makes  his  difference ; 
but  if  the  buyer  or  seller  compels  him  to  deliver  before 
the  time,  he  may  be  seriously  embarrassed. 

THE    STREET. 

The  street,  or  the  curbstone  brokers,  as  the  Board 
calls  them,  though  often  men  of  probity  and  honor,  and 
transacting  a  very  large  amount  of  business,  are  not 
governed  by  as  strict  rules,  nor  as  careful  to  abide  by  the 
letter  of  the  law.  Many  of  them  are  lame  ducks.  They 
have  a  room  adjoining  that  occupied  by  the  Board,  and 
during  its  sessions  in  communication  with  it.  Their 
operations  are  mostly  speculative,  often  illegal,  and  as 
often  mere  gambling  or  betting  by  parties  without  cap- 
ital. Few  of  them  possess  anything,  and  if  they  are 
successful  one  day,  they  often  lose  the  next. 

OUTSIDER,    OR   STAG. 

Outsider  is  one  who  is  not  a  member  of  the  Stock 
Exchange,  or  professional  speculator,  but  deals  outside, 
and  is  sometimes  called  a  stag.  As  a  rule  he  buys  on 
buyer's  option,  and  sells  on  seller's  option. 

CONTANGO,    OR   CONTINUATION. 

It  is  the  sum  paid  per  share  or  per  cent,  for  carrying 

6* 


130  STOCK   EXCHANGE   MANUAL. 

over  such  shares  for  a  longer  period  than  they  were 
originally  bought  for. 


BACKWARDIZATION. 

It  is  when  a  party,  who  has  sold  shares  or  Stocks 
without  having  them  in  his  possession  to  deliver,  pays 
so  much  per  share  or  per  cent,  for  not  being  compelled 
to  do  so  until  another  time  bargain — the  price  of  the 
Stock  in  either  case  being  fixed  at  the  market  value  at 
that  time. 


PREFERRED  AND  GUARANTEED  STOCKS. 

Preferred  stock  consists  of  shares  that,  on  account 
of  some  previous  payment,  tax,  or  call,  have  other  pri- 
vileges than  the  ordinary  stock,  receiving  an  extra 
amount  of  interest,  an  advance  dividend,  etc.,  according 
to  the  company  that  has  issued  the  shares.  Guaranteed 
stock  consists  of  shares  on  which  a  certain  amount  of 
money,  or  interest,  is  due,  payment  of  which  is  guaran- 
teed, merely  rendering  the  shares  particularly  valuable. 

MARGIN. 

When  a  speculator  cannot  pay  over  the  full  value 
of  the  stock,  the  broker  may  favor  him  with  a  loan, 
demanding,  however,  a  deposit  equal  to  the  amount 
that  may  be  lost  by  the  operation.  This  deposit  is 
technically  termed  margin,  and  the  rates  vary  in  ac- 
cordance with  the  value  of  the  stock  and  the  possible 
losses  that  may  be  sustained  thereupon.  Stock  brokers 
usually  charge  20  per  cent. 


FINANCIAL   ARTICLES.  131 

The  margin  question  has  given  rise  to  a  number  of 
lawsuits.  It  has  often  happened  that  in  time  of  panic 
the  loss  likely  to  be  sustained  was  greater  than  the 
margin,  and  the  stock  broker  has  accordingly  sold  the 
stock  and  forfeited  the  margin ;  the  speculator  has  then 
sued  him  for  damages.  The  courts  have  often  decided 
that  the  broker  should  give  notice  to  the  speculator 
that  a  fresh  margin  was  required,  which,  if -not  paid 
down,  would  render  the  stock  liable  to  sale  at  a  certain 
stated  time  and  place,  the  speculator  thus  being  enabled 
to  see  for  himself  that  the  sale  was  made  in  a  proper 
manner.  Though  it  has  sometimes  happened  that  the 
stock  broker  was  in  too  great  a  hurry  to  sell,  it  has 
occasionally  occurred  that  the  speculator  has  merely 
sued  him  through  spite,  and  good  faith  on  his  part  has 
not  always  been  apparent.  In  fact,  the  position  of  a 
stock  broker,  in  a  crisis,  is  extremely  delicate.  The 
fluctuations  are  so  sudden  and  so  important  that  if  he 
does  not  carry  out  all  the  legal  formalities  that  should 
take  place  between  his  customers  and  himself,  he  will 
be  constantly  liable  to  sustain  heavy  losses. 

*  x 

REGISTERED  BONDS  AND  COUPONS. 

The  difference  between  a  Coupon  and  a  Registered 
Bond  is  thus  explained :  The  Coupon  Bond,  like  a  bank 
note,  may  be  passed  from  hand  to  hand,  without  the 
trouble  or  cost  of  transfer.  Its  interest  payment  may 
also  be  anticipated  by  detaching  the  coupons,  and  pledg- 
ing or  selling  them  in  advance  of  their  maturity.  The 
bond  itself  is  more  conveniently  pledged  as  collateral 
security  in  the  procurement  of  a  temporary  loan  of 
money. 


132  STOCK   EXCHANGE  MANUAL, 

These  are  about  all  the  advantages  of  a  Coupon 
Bond ;  and  to  offset  these,  in  case  of  loss  or  destruction 
by  fire  or  flood  they  are  irretrievably  gone,  and  cannot 
be  replaced — a  most  important  consideration  in  a  pur- 
chasable piece  of  property  that  often  runs  to  the  year  1882 
before  reaching  maturity.  What  perils  may  arise  in  all 
that  time  cannot  be  foretold.  The  transferable  bonds 
of  the  Government  have  the  advantage  over  the  Coupon 
Bonds  in  this  respect :  if  lost  or  destroyed,  a  new  bond 
may  be  procured,  as  a  basis  for  banking  under  the 
National  law,  for  which  both  the  Coupon  and  trans- 
ferable or  Registered  Bonds  are  available;  the  latter 
are  more  preferable  in  this :  that  after  being  deposited 
as  a  basis  for  banking,  if  it  should  ever  be  withdrawn,  a 
new  bond  may  be  issued  in  its  place,  and  the  printed 
indorsement  on  its  back,  required  to  be  deposited  with 
the  Government  as  a  basis  for  banking,  may  be  got  rid 
of,  the  holder  having  in  its  stead  a  clean  security. 

The  Coupon  Bond  has  not  this  privilege ;  it  cannot 
be  renewed  nor  the  indorsement  on  the  back  got  rid 
of;  it  is  never  after  a  clean  security.  The  matter  of 
clean  and  unclean  bonds  sometimes  makes  a  difference 
of  1  to  2  per  cent,  in  price,  as  is  daily  seen  in  the  quota- 
tions of  Treasury  notes  indorsed  and  Treasury  notes  in 
blank.  The  foreign  purchaser  is  much  averse  to  unclean 
bonds,  and  in  nearly  all  his  investments  in  them  gives 
the  preference  to  the  clean,  even  at  an  advance  in  price. 


LOANS. 

A  speculator  may  come  in  the  market  as  a  lender  or 
as  a  borrower.  If  he  has  on  hand  a  principal,  he  may 
put  it  to  use  in  two  different  ways : 


FINANCIAL    ARTICLES  133 

Firstly  : — He  may  deposit  it  in  the  bank,  the  funds 
remaining  at  his  disposal,  but  bearing  no  interest. 

The  banks  take  money  into  safe  keeping,  and  they 
manage  it  in  such  way  as  to  meet  the  requirement  of 
the  depositor.  They  give  the  depositor  a  check  book 
(blank  form  of  draft  upon  the  bank) ;  and  whenever  one 
of  these  checks  is  presented,  either  by  the  depositor  or 
by  any  one  to  whom  he  has  made  it  payable,  the  bank 
hands  the  money  over  the  counter.  These  banks  are 
the  principal  feature  of  Wall  street ;  they  are  the  re- 
servoir of  the  place  into  which  flows  the  spare  money 
of  the  nation,  and  out  of  which  flow  the  monetary 
streams  which  set  going  all  the  other  operations  of  the 
place. 

But  if  the  speculator  wishes  to  profit  by  his  money 
before  investing  it,  he  may  place  it  in  the  hands  of  a 
broker,  or  may  deposit  it  with  an  establishment  that 
does  business  in  such  a  line. 

The  brokers  do  not  receive  on  deposit  as  the  banks 
do ;  they  do  not  issue  checks,  or  undertake  the  man- 
agement of  money  for  customers ;  they  receive  mo- 
ney, not  on  deposit,  but  on  loan ;  they  take  that  loan 
for  a  week,  for  a  fortnight,  or  at  call,  paying  interest, 
of  course,  on  all  sums  thus  received.  In  this  way  they 
offer  a  good  means  of  investment  for  sums  which  could 
not  otherwise  be  employed  with  equal  advantage, 
namely  :  for  sums  which  the  owner  has  on  hand  merely 
for  a  few  days :  for  example,  a  man  who  has  money 
invested  in  some  particular  kind  of  stocks  or  shares, 
and  who  thinks  it  advisable  to  sell  out  at  once,  with 
the  view  of  reconverting  his  money  in  some  other  form, 
may  have  that  money  on  hand  for  a  week  or  two,  wait- 
ing for  a  favorable  opportunity  of  reconverting  it ;  in- 


134  STOCK   EXCHANGE   MANUAL. 

stead  of  keeping  it  on  hand,  he  gives  it  to  a  broker,  and 
receives  interest  till  he  is  ready  to  use  it  again. 

But  if  the  speculator  requires  money,  he  may  bor- 
row in  two  ways :  firstly,  he  can  apply  to  the  bank :  he 
will  have  to  pay  a  greater  or  less  rate  of  percentage, 
according  to  the  state  of  the  money  market ;  or  else, 
instead  of  calling  upon  the  bank,  the  speculator  can 
borrow  of  the  broker,  who  loans  at  the  same  rates  as 
the  bank  itself,  and  often  has  on  hand  large  amounts 
that  he  desires  to  invest. 

We  have  alluded  to  the  professional  powers  of  a 
speculator,  with  respect  to  loans ;  now  let  us  glance  at 
those  of  banks  and  brokers. 

Any  one  who  has  an  account  with  a  bank  may,  at 
any  time,  by  tendering  Government  or  other  good  se- 
curities, obtain  a  temporary  loan  on  that  security,  to 
the  amount  of  three-fourths  of  its  current  value. 

The  principal  part  of  business  of  banks  is  to  recom- 
pense themselves  for  the  management  of  their  custom- 
ers' money,  by  employing  at  usury  the  balance  of  the 
deposit  which  is  not  likely  to  be  called  for  by  the  de- 
positor. The  balance  in  ordinary  circumstances  is 
about  four-fifths  of  the  whole  money  deposited  with  the 
bank.  When  trade  is  stagnant,  this  balance  is  at  the 
highest  amount.  When  trade  is  brisk  or  credit  is 
shaken,  it  is  at  the  lowest.  A  bank,  in  short,  must 
mark  well  the  signs  of  the  times,  in  order  to  know  the 
exact  amount  of  the  deposit  which  may  be  safely  lent 
out.  If  too  much  be  lent  out,  the  bank  is  embarrassed 
in  meeting  the  demand  of  depositors.  If  too  little  be 
lent  out,  the  bank  loses  the  profit  on  the  sum  thus  need- 
lessly kept  on  hand.  Having  determined  what  portion 
of  the  deposit  is  not  likely  to  be  called  for,  the  bank 


«• 


FINANCIAL  ARTICLES.  135 

invests  or  lends  out  the  sum  at  interest  in  various 
ways. 

First  of  all,  it  invests  a  portion  in  Government  se- 
curities, which  are  of  all  others  the  most  steady  in  value 
and  the  most  readily  negotiable  ;  in  other  words,  which 
can  be  readily  sold  and  reconverted  into  money.  Next, 
the  bank  advances  to  its  customers ;  but  the  most  ex- 
tensivekind  of  advances  made  by  the  banks  is  in  the  dis- 
count of  commercial  bills.  A  customer  of  the  bank  has  a 
bill  or  bills  falling  due,  say  three  months  hence  ;  but  by 
taking  them  to  the  bank  he  deals  with,  he  can  get  cash 
for  the  full  amount  of  the  bills  at  once,  minus  three 
months'  interest  on  that  amount. 

The  brokers  lend  to  any  suitable  parties  without 
distinction,  who  may  desire  to  have  some  money.  It 
is  the  duty  of  the  brokers  to  employ  the  sums  at  their 
disposal  in  loans  at  call,  or  for  a  week,  or  for  a  few 
days.  Their  vigilance  must  be  unceasing  ;  they  have 
to  keep  their  eyes  on  the  expiration  of  each  of  these  brief 
loans,  and  find  a  new  investment  for  it ;  and  when  a 
change  in  the  rate  of  discount  takes  place,  they  are  on 
the  trot  the  whole  day,  altering  their  terms  and  making 
new  bargains  on  the  footing  of  the  change.  To  lend 
money  for  three  or  four  days,  when  the  rate  of  interest 
is  only  seven  per  cent,  per  annum,  may  seem  to  an  out- 
sider a  very  infinitesimal  operation,  one  which  would 
not  repay  the  trouble  and  cost  connected  with  it ;  but 
sometimes  these  brokers  have  a  few  millions  to  dispose 
of,  and  interest  for  these  sums  for  a  short  period  amounts 
to  a  few  hundred  dollars.  By  neglecting  these  short 
loans,  by  holding  the  amount  which  can  be  safely  em- 
ployed in  this  manner,  the  brokers  would  lose  very 
many  thousand  dollars  a  year. 


136  STOCK   EXCHANGE   MANUAL. 

Hence  it  is  that  paragraph  in  the  financial  article 
which  is  most  closely  studied,  which  relates  to  the  sup- 
ply of  money.  The  two  brief  lines,  which  tell  the 
abundance  or  scarcity  of  money,  are  in  reality  the  vital 
point  of  each  day's  monetary  news.  If  money  is  de- 
posited largely  in  the  banks,  the  dealers  are  all  elate,  and 
business  and  enterprise  go  ahead.  If  much  money  is 
withdrawn  from  the  banks,  every  one  becomes  uneasy; 
enterprise  stands  still.* 


DISCOUNT  AND    COMMERCIAL   PAPER. 

To  discount  a  bill  is  to  purchase  a  debt  falling  due 
at  a  specified  time.  Ordinary  commercial  bills  are 
as  good  as  money,  and  the  larger  proportion  of  what 
figure  in  the  return  of  the  banks  as  deposit.  The  mo- 
ney deposited  \vith  a  bank  is  employed  in  the  purchase 
of  these  bills,  and  the  rate  of  discount  charged  upon 
them  is  a  chief  source  of  bankers'  profit.  If  a  firm  which 
has  purchased  a  bill  by  discounting  it,  is  in  need  of  ready 
cash,  money  can  be  obtained  by  re-discounting  the  bill 
— i.  e^  selling  it  to  a  bank  or  another  party  which 
deals  in  that  kind  of  business — and  every  time  it  is 
thus  paid  away,  the  more  solid  does  its  value  become, 
because  every  party  through  whose  hands  it  passes 
indorses  it  and  becomes  security  for  its  ultimate  pay- 
ment. 

In  this  way  bills  to  some  extent  become  part  of  the 
currency,  circulating  from  hand  to  hand,  and  payment 
would  otherwise  have  to  be  made  in  checks,  or  notes, 
or  gold. 

But  here,  as  elsewhere,  the  community  is  divided 
into  two  classes,  which  are  very  differently  affected  by 


FINANCIAL   ARTICLES.  137 

the  changes  in  the  rate.  Trade  and  money  are  the 
great  powers  which  together  set  going  the  whole  busL 
ness  of  Wall  street.  Traders  and  money  lenders  con- 
stitute its  population.  A  high  rate  of  discount  is  disad- 
vantageous for  the  trading  and  commercial  classes  ;  but 
on  the  other  hand,  it  is  very  profitable  to  the  banks  and 
money  dealers,  and  increase  in  the  rate  is  virtually  a  trans- 
fer of  a  portion  of  the  profits  of  the  former  to  the  pockets 
of  the  latter.  Bankers  like  a  high  rate  of  discount ;  the 
trading  classes  do  not ;  but  both  of  them  are  interested 
in  watching  the  movements  of  money,  as  productive  of 
changes  in  the  rate  of  discount,  or,  in  other  words, 
in  the  value  of  money  or  loans. 


BILLS    OF   EXCHANGE. 

A  Bill  of  Exchange  may  be  defined  to  be  an  order 
addressed  to  some  person  residing  at  a  distance,  direct- 
ing him  to  pay  a  certain  specified  sum  to  the  person  in 
whose  favor  the  bill  is  drawn,  or  his  order. 

In  political  economy,  as  at  the  Stock  Exchange,  the 
term  exchange  is  commonly  employed  to  designate 
that  species  of  mercantile  transaction  by  which  the 
debts  of  individuals  residing  at  a  distance  from  each 
other  are  either  partially  or  wholly  liquidated,  without 
the  intervention  of  money. 

The  price  of  these  bills  is  regulated  by  two  considera- 
tions :  First,  that  in  the  length  of  time  which  a  bill  has 
to  run  :  if  it  is  payable  three  months  after  date,  it  is,  of 
course,  less  valuable  than  one  at  sixty  days,  the  dis- 
count or  rate  of  interest  having  in  each  case  to  be  de- 
ducted ;  but  the  value  of  the  bill  is  also  affected,  like 
everything  else,  by  the  amount  of  supply  and  demand. 


138  STOCK   EXCHANGE   MANUAL. 

If  the  amount  of  the  bills  on  London  happens  to  be 
greater  than  the  amount  of  money  which  requires  to 
be  sent  there,  the  bills  may  be  purchased  at  a  fraction 
lower  than  nominal  value  ;  but  if  the  payment  to  be 
made  in  London  exceeds  the  amount  of  the  bills  there, 
a  competition  for  the  bills  arises,  and  their  price  is 
slightly  enhanced  ;  but  the  range  of  variation  never 
exceeds  the  difference  between  the  cost  of  postage,  on 
the  one  hand,  and  the  expense  and  inconvenience  of 
transmitting  specie,  on  the  other.  The  nominal  price 
of  a  bill,  as  we  have  said,  is  simply  the  amount  of  the 
bill,  minus  the  discount  on  the  time  it  has  to  run. 

Accordingly,  by  means  of  these  Bills  of  Exchange, 
the  whole  cost  and  inconvenience  of  collecting  and 
transmitting  specie  from  one  country  to  another  is 
saved,  and  this  saving  is  really  an  immense  one.  If  the 
money  had  to  be  sent  backward  and  forward  from 
country  to  country,  not  all  the  specie  of  the  world 
would  suffice  to  carry  on  operations  so  vast.  If  the 
agency  of  bills  were  suspended  for  a  few  months  be- 
tween New  York  and  England  or  France,  the  drain  of 
currency  would  speedily  produce  a  dead-lock  in  both 
countries. 

Without  this  simple  and  ingenious  contrivance,  com- 
merce could  not  have  made  any  considerable  progress. 
Instead  of  perpetual  importation  and  exportation  of 
gold  and  silver,  necessarily  attended  by  an  immensity 
of  trouble  and  expense,  a  few  Bills  of  Exchange,  pos- 
sessing little  or  no  intrinsic  worth,  and  which  may  be 
transferred  with  the  utmost  facility,  suffice  to  adjust  the 
most  extensive  and  complicated  transactions ;  but  the 
mere  setting  free  of  an  immense  productive  power  en- 
gaged in  a  comparatively  disadvantageous  employment 


FINANCIAL    ARTICLES.  139 

is  only  one  of  the  many  benefits  we  owe  to  the  use  of 
the  Bills  of  Exchange.  By  cheapening  the  instruments, 
by  which  commerce  is  carried  on,  they  have  materi- 
ally reduced  the  price  of  most  commodities,  and  have, 
in  consequence,  increased  the  command  of  all  classes 
over  the  luxuries  of  life,  and  accelerated  the  progress 
of  civilization,  by  occasioning  a  much  more  extensive 
intercourse  and  intimate  connection  between  different 
and  independent  countries,  which  could  not  otherwise 
have  taken  place. 

There  are  fictitious  Bills  of  Exchange,  or  bills  drawn 
on  persons  who  are  not  really  indebted  to  the  drawer  in 
the  market.  A  merchant  in  New  York  may  form  a 
connection  with  a  merchant  in  London,  and  draw  Bills 
of  Exchange  upon  him,  payable  a  certain  number  of 
days  after  date,  which  the  latter  may  retire  by  selling 
in  London  an  equal  amount  of  bills  drawn  upon  his  cor- 
respondent in  New  York.  The  merchant  who  pur- 
chases, or  the  bank  which  discounts  those  bills,  really 
advances  their  value  to  the  drawer,  who,  so  long  as  they 
continue  by  means  of  this  system  of  drawing  and  re- 
deeming to  provide  funds  for  their  payments,  continue, 
in  fact,  to  command  a  borrowed  capital  equal  to  the 
amount  of  the  fictitious  paper  in  circulation.  It  is 
clear  fictitious  bills  mutually  balance  each  other.  Those 
drawn  by  New  York  on  London  are  exactly  equal  to 
those  drawn  by  London  on  New  York,  for  the  one  set 
is  drawn  to  pay  the  other.  The  second  destroys  the 
first,  and  the  result  is  nothing. 

In  New  York,  Bills*  of  Exchange  are  bought  and 
sold  by  the  brokers,  who  go  round  to  the  principal  mer- 
chants and  discover  whether  they  are  buyers  or  sellers 
of  bills.  A  few  of  the  brokers  of  most  influence,  after 


140  STOCK   EXCHANGE  MANUAL. 

ascertaining  the  state  of  the  supply  and  demand  for 
bills,  suggest  a  price  at  which  the  greater  part  of  the 
transactions  of  the  day  are  settled,  with  such  devia- 
tions as  particular  bills,  from  their  being  in  very  high 
or  low  credit,  may  be  subject  to. 

The  price  fixed  by  the  brokers  is  that  which  is  pub- 
lished in  the  newspapers. 

Very  many  speculate  largely  in  the  rise  and  fall  of 
the  exchange,  buying  bills  when  they  expect  a  rise, 
and  selling  them  when  a  fall  is  anticipated. 

Exchange  has  hitherto  been  a  favorite  article  on 
'Change,  inasmuch  as  the  fluctuations  are  as  consider- 
able as  those  of  gold.  The  losses  and  gains  are  equal 
to  those  on  gold  or  stocks. 

Until  July  last,  foreign  exchange  had  been  regu- 
larly quoted  in  its  currency  value.  From  that  period 
the  regular  quotations  are  made  at  gold  rates. 


PART    II. 


THE  wish  of  improving  his  condition,  of  acquiring 
wealth,  is  deeply  implanted  in  man.  It  is  a  passion 
which,  duly  regulated  by  sound  principles,  secures  social 
improvement  and  national  prosperity.  Speculation  may 
be  the  strength  and  vitality  of  the  Stock  Market ;  but 
only  on  the  condition  that  it  bears  on  securities  the  value 
of  which  is  easily  determined.  When  it  has  for  its  ob- 
ject securities  imperfectly  known,  the  income  of  which 
is  a  mystery,  and  the  real  value  of  which  is  a  secret  but 
to  originators,  it  falls  to  the  level  of  mere  gambling, 
with  all  concomitant  evils  of  swindling  and  sharping. 
In  the  speculation  on  Federal,  State,  or  City  securities, 
conditions  are  equal  for  everybody.  The  income  is 
known,  the  basis  is  not  a  mystery,  the  titles  can  hardly 
be  monopolized,  and  false  rumors  are  impossible.  Fluc- 
tuations in  that  case  depend  only  on  political  and  finan- 
cial events,  which  speculators  can  foresee  in  proportion 
to  the  acuteness  of  their  intelligence. 

But  the  question  changes  when  speculations  bear  on 
those  mysterious  securities  which  have  so  much  attrac- 


142  STOCK   EXCHANGE   MANUAL. 

tion  for  adepts  in  the  Stock  Market,  and  which  are  the 
objects  of  transactions  the  most  astounding;  for  in- 
stance, the  purchase  and  sale  of  titles  greater  than  real 
issues.  Honest  speculation  has  nothing  to  do  here ; 
gambling  supersedes  it  with  its  worst  features.  What 
is  easier  for  unscrupulous  capitalists,  for  instance,  than 
to  buy  the  half  of  the  capital  stock  of  a  company,  to 
make  the  titles  scarce,  and,  through  their  scarcity,  to 
puff  extravagantly  their  value  ?  jBona  fide  operators 
are  always  caught  by  such  a  practice,  and  they  pay  very 
dear  for  the  glittering  prospect  of  profit  and  premium 
never  to  be  realized.  Small  capitalists  should  invest 
their  funds  in  well-authenticated  securities,  but  always 
for  cash,  for  fear  of  being  cornered  and  obliged  to  sell 
when  their  Stock  declined,  and  keep  cool  in  all  circum- 
stances, that  is  to  say,  not  to  be  discouraged  when  there 
is  sign  of  depreciation,  nor  to  be  too  impatient  when 
the  Stock  is  rising.  Cool-headed  men  are  the  most 
fortunate  speculators,  because  honest  speculation  is  no- 
thing else  than  discretion  applied  to  private  or  public 
securities. 

We  are  now  going  through  a  great  series  of  rapid 
fluctuations  in  currency  and  prices.  Under  such  great 
excitement  as  a  vast  inflation  of  currency,  it  may  be 
literally  said  that  speculation  is  universal.  Paper 
money  brought  every  one  into  Wall  street,  and  interest- 
ed every  family  in  the  ups  and  downs  of  Stocks.  It 
circulated  like  fertilizing  dew  throughout  the  land, 
generating  enterprise,  facilitating  industry,  developing 
internal  trade;  the  railways  found  their  business  in- 
crease beyond  their  most  sanguine  expectations ;  divi- 
dend-paying roads  had  extra  profits  to  divide;  em- 
barrassed enterprises  cleared  off  their  debts,  and  be- 


STOCK    EXCHANGE    MANUAL.  143 

came  lucrative  to  their  owners ;  everybody  wanted  to 
own  railroad  property. 

It  is  keeping  within  bounds  to  say  that  $250,000,000 
in  paper  money  was  realized  as  profit  by  the  operations 
in  Stocks  between  1862  and  1864.  Everybody  seemed 
to  be  speculating  in  Stocks.  Nothing  else  was  talked  of 
at  -clubs,  in  the  streets,  at  the  theatre,  and  in  drawing- 
rooms.  Ladies  privately  pledged  their  diamonds  as 
margin  with  brokers,  and  astonished  their  husbands 
with  the  display  of  their  gains.  Clergymen  staked  their 
salaries,  and  some  of  them  realized  in  a  few  months  more 
than  they  could  have  made  by  a  lifetime  of  preaching. 
One  man,  who  had  nothing  in  the  world  but  a  horse, 
sent  him  to  a  broker's  stable,  and  persuaded  the  broker 
to  buy  him  a  hundred  shares ;  he  drew  from  the  broker, 
a  few  months  after,  a  balance  of  $300,000. 

Speculative  operations  have  become  wild  and  ex- 
travagant. It  is  a  certain  and  inevitable  consequence, 
which  cannot  be  avoided.  It  has  always  been,  and  al- 
ways will  be  so.  It  is  an  effect.  Many  persons  de- 
nounce the  speculation  and  the  speculator ;  but  that  is 
entirely  idle  ;  the  thing  to  be  denounced  is  the  cause. 
Remove  the  cause,  and  you  remove  the  evil ;  preserve 
a  sound  currency,  and  speculative  gambling  will  be  al- 
most unknown. 

Speculation  may,  and  often  does,  lead  to  fortune, 
but  that  is  not  the  rule.  For  one  successful  speculator 
there  are  many  unsuccessful  ones.  Men  see  the  dis- 
play of  the  one,  and,  as  the  others  silently  retire  into 
oblivion,  his  example  becomes  popular  with  youth  and 
inexperience,  leading  thousands  of  noble  geniuses  to 
sacrifice  themselves  in  wild  adventures,  which  terminate 
in  cruel  disappointment. 


144  STOCK    EXCHANGE   MANUAL. 

Alternate  inflations  and  panics  are  the  characteris- 
tics of  paper-money  eras.  Never  had  such  a  decline 
been  witnessed  in  Wall  street  as  in  April  of  last  year ;  and 
that  decline  was  so  rapid,  that  not  only  did  speculators 
lose,  but  brokers,  money  lenders,  and  others  who  had 
no  interest  in  the  operations  of  the  day,  were  involved 
in  the  general  catastrophe.  Very  few  had  time  to  save 
themselves.  Several  thousands  of  individuals  who  had 
made,  during  the  year  preceding,  fortunes  varying  from 
$25,000  to  $250,000,  found  themselves  stripped  in  a 
week.  Speculation  in  stocks  received  a  blow  from 
which  it  has  not  since  recovered. 

Speculation,  as  we  have  said,  ought  never  to  bear 
on  stock  imperfectly  known.  Our  purpose  is  now  to 
describe  all  those  securities  quoted  at  the  Board,  and  to 
give  all  the  information  that  may  be  required  by  those 
who  desire  to  judge  fully  of  the  value  of  the  stock  upon 
which  they  would  speculate. 


OH  APTEE     I. 

UNITED      STATES      STOCKS. 

OFFICIAL  statement  of  the  Public  Debt,  as  appeared 
from  the  books,  Treasurer's  returns,  and  requisitions  in 
the  Treasury  Department  on  October  31,  1864,  and 
March  31,  1865: 


DEBT   BEARING   INTEEE8T  IN   COIN. 


6  pei 
6 
5 
5 
1 
6 
6 
6 
6 
5 
5 
6 
7-80 
6 

Denomination*.                          f 
cts.,  December  31,  1867.  .  . 

A  mo 
Oct.  31,  1864. 
$9,415,250 
8,908,342 
20,000,000 
7,022,000 
18,415,000 
50,000,000 
125,801,650 
510,756,900 
87,781,600 
81,680,000 
2,052,000 
1,016,000 
14,145,900 
74,176,150 

March  31,  1865. 
$9,415,250 
8,908,342 
20,000,000 
7,022,000 
18,415,000 
50,000,000 
139,146,400 
510,756,900 
85,789,000 
172,770,100 
1,507,000 
1,016,000 
615,250 
75,000,000 

Increase 
or  Decrease. 

+  $18,344,750 

+48,007,400 
+91,090,100 
-      545,000 

-13.530,650 
+      823,850 

July  1,  1863  .. 

January  1  1874 

January  1  1871 

December  31,  18SO  
June  30,  18S1  

June  80,  '81  (exc.  for7-30s) 
May  1,  1867-82  (5-20  years) 
Nov.  1,  1869-84  (5-20  years) 
Mar.  1,  '74-1904  (10-40  y'rs) 
Jan.  1,  '65  (Texas  Indem.) 
Julyl,  1881  (Oregon  War) 
Aug.  19  and  Oct.  1,  1S64.  .  . 
June  80,  1881  

Aggregate,  of  debt  Vring  coin  infst  $961,170,792    $1,100,361,242  +  $139,190,450 


DEBT  BEARING  INTEEEST  IN  LAWFUL  MONEY. 


4  per  cts.,  tern.  In. 


$548,224 
1,611,125 
45,989,626 


6      "  "       >-10  days  noticed 

6      "  "       f                          ( 

6      "         certificates  (one  year) 236i87^000 

5  one  and  two  years  notes..  120,519,110 

6  "  three  y'rs  comp.  int.  notes  102,329,680 
7-80"  three  years  treasury  notes    76,668,550 

Aggregate  flfdebt  bearing  I.  m.  int.  $584,089,815 


$650,477 

5,708,262 

46,093,589 

171,790,000 

69,522,390 

156,477,650 

800,812,800 


+  $102,253 
+  4,097,137 
+  103,963 
-64,583,000 
-50,996,760 
+  54,147,970 
+  224,144,250 


$751,055,128   4- $167,015,813 


146 


STOCK   EXCHANGE   MANUAL. 


DEBT  ON  WHICH  INTEREST  HAS  CEASED. 

, Amounts, •>  Increase 

Oct.  31,  1864.        March  31,  1855.        or  Decrease. 

Bonds  and  notes— aggregate $356,720  8349,420      —      $7,800 

DEBT  BEARING  NO  INTEREST. 

United  States  notes $400,000,000        $400,000.000  — 

"           !4  (in  red.  of  temp,  loan)    33,160,569  33,160.569  — 

Fractional  currency 20,725,871  24,254,094       +  $3,528,223 

$453,886,440        $457,414,663      +$3,528,223 

Unpaid  requisitions 87,514,900          114,256,549       +76,740,649 

Less  amount  in  treasury 19,868,652  56,481,925      +  36,618,273 

Net  floating  debt 17,646,248  57,774,624      +40,128.376 

Aggregate  ofdebtnot  bearing  int. . .  $471,532,688       $515,189,287      +43,656,599 

RECAPITULATION. 

Pebt  bearing  interest  in  coin $961,170,792  $1,100,361,242  +  $139,190,450 

in  lawful  money.  584,039,315  751,055,128  +167.015,813 

Debt  on  which  interest  has  ceased..         856,720  849,420  -           7.800 

Debt  bearing  no  interest 471,532,688  515,189,287  +  43,656,599 

AGGREGATE  DEBTS  OF  ALL  KINDS..  $2,017,099,515    $2,366,955,077   +$849,655,562 

ANNUAL  INTEREST. 

Payable  in  coin $56,646,604          $64,016,632       +  $7,870.028 

Payable  in  lawful  money 28,667,002  88,819,899       + 10,152,897 

AGGREGATE  INTEREST $85,813,606        $102,886,581     +$17,522,925 

— not,  however,  including  interest  on  the  three  years  compound  interest  notes, 
which  is  payable  only  at  maturity. 

LEGAL  TBNDER  IN  CIRCULATION. 

One  and  two  years  5  per  cent,  notes  $120,519,110         $69,522.860    —$50,996,760 

United  States  notes  (currency) 483,160,569          438,160.569 

Three  years  compound  int.  notes. ..     102,329,680         156,477,650      +54,147,970 

AGGREGATe  LEGAL  TENDBR $656,009,359        $659,160,569      +$3,151.210 

It  may  be  said,  that  we  shall  after  all  be  left,  when 
the  war  is  closed,  with  a  great  debt.  True ;  and  it  will 
be  a  national  encumbrance  which  every  sensible  man  will 
deplore.  It  is  not  a  blessing,  as  some  would  make  the 
people  believe,  but  will  be  to  the  nation  what  a  heavy 
mortgage  is  upon  an  individual  estate.  The  only  ques- 
tion is,  will  that  burden  be  so  great  as  to  bear  with 
oppressive  weight  upon  the  people — so  large  as  to  retard 
their  industry,  interfere  with  the  natural  increase  of 


UNITED   STATES    STOCKS.  147 

population,  put  a  stop  to  immigration,  and  consume  the 
capital  of  the  nation  ?  Nothing  like  it.  Wisely  managed, 
it  can  be  easily  borne :  there  is  not  the  slightest  occasion 
to  fear  a  repudiation,  from  inability  to  discharge  the 
debt. 

Federal  debt  will  be  less  per  capita  than  that  of 
England,  while  the  ability  to  sustain  taxation  is  proba- 
bly twice  as  great  as  hers.  No  people  ever  had  so 
large  a  margin  over  and  above  their  necessary  expendi- 
tures, out  of  which  to  pay  taxes,  as  the  people  of  the 
United  States.  But  the  present  population  are  not  alone 
to  pay  the  debt ;  that  will  be  done  by  a  greatly  aug- 
mented population ;  nor  is  the  debt  always  to  bear  six 
per  cent,  interest. 

Federal  stock  of  every  description  will  eventually 
be  consolidated  in  one  having  an  uniform  rate  of  inter- 
est, and  the  American  Consols  will  be  in  general  re- 
quest, at  home  and  abroad,  for  permanent  investment. 
A  large  part  of  the  debt  will  eventually  be  held  in  Eu- 
rope, where  capital  yields  a  much  less  rate  of  interest 
than  in  this  country. 

If  the  population  of  the  country  increase  in  the 
future  as  in  the  past,  in  twenty  years  we  shall  be  sixty 
millions ;  if  the  wealth  increase  as  heretofore,  it  will, 
in  the  same  period,  amount  to  more  than  five  milliards, 
or  more  than  three  times  its  present  amount.  Should 
public  debt  reach  the  improbable  and  extravagant  sum 
of  four  milliards,  it  would  not  be  as  great  a  burden  on 
the  people  as  the  debt  of  England  was  upon  her  popula- 
tion at  the  close  of  the  war  growing  out  of  the  French 
Revolution. 

There  is  no  occasion  for  repudiation,  or  danger  of 
it.  These  securities  have  been  a  favorite  subject  for 


148  STOCK    EXCHANGE    MANUAL. 

investment.  Into  the  public  securities  have  been  con- 
verted a  very  large  portion  of  the  accumulated  capita1 
of  the  country.  In  them  are  invested  the  funds  of  chari- 
table, literary,  and  public  institutions,  and  of  persons 
who  depend  upon  income  from  capital  for  their  support, 
now  a  very  large  class  in  the  United  States,  because  it 
oifers  the  largest  and  safest  interest. 


SIXES  1881. 


By  an  act  approved  February  8,  1861,  the  President 
was  authorized  to  borrow  at  any  time  before  July  1, 
1861,  a  sum  not  exceeding  $25,000,000,  or  so  much 
thereof  as  might  be  required  to  meet  current  demands 
on  the  Treasury  and  for  the  redemption  of  Treasury  notes 
outstanding  at  the  time  of  the  approval  of  the  law,  and 
to  replace  in  the  Treasury  any  amount  of  said  notes 
which  shall  have  been  paid  and  received  for  public  dues. 

For  the  amount  borrowed,  the  law  authorized  the 
issue  of  stock  bearing  interest  not  exceeding  6  per  cent., 
to  be  reimbursed  within  a  period  not  beyond  twenty 
years,  and  not  less  than  ten  years.  No  certificate  of 
stock  for  a  less  amount  than  $1,000  was  to  be  issued, 
and  the  attachment  of  coupons  of  semi-annual  interest 
was  authorized. 

$18,415,000  have  been  issued,  and  are  redeemable 
after  December  31,  1880,  and  interest  payable  in 
January  and  July. 

II. 

August  5, 1861,  the  President  approved  an  act  under 
provisions  of  which  the  Secretary  of  the  Treasury  was 


UNITED    STATES    STOCKS. 


149 


authorized  to  issue  bonds  bearing  interest  at  6  per  cent, 
per  annum,  and  payable  at  the  pleasure  of  the  United 
States  twenty  years  from  date.  The  Secretary  was 
authorized,  either  at  the  time  of  maturity  or  before,  to 
give  in  exchange  for  these  bonds  the  7-30  notes  issued 
15th  August,  1861,  it  being  stipulated  that  no  such 
bonds  should  be  issued  for  a  less  sum  than  $500,  and 
that  the  whole  amount  of  bonds  should  not  exceed 
the  whole  amount  of  7-30  Treasury  notes.  The  Secre- 
tary was  allowed  to  sell  or  negotiate  for  any  portion 
of  the  $250,000,000  loan  authorized  by  the  act  of  July 
17,  1861,  bonds  payable  not  more  than  twenty  years 
from  date,  and  bearing  interest  not  exceeding  6  per 
cent,  per  annum,  payable  semi-annually,  at  any  rate  not 
less  than  the  equivalent  of  par  for  the  bonds  bearing  7 
per  cent,  interest. 

$249,977,800  have  been  issued,  and  are  redeemable 
after  July  1,  1881,  and  interest  payable  in  January  and 
July. 

Statement  of  the  extreme  prices,  monthly  and  yearly, 
for  the  five  years  ending  March  31,  1865. 


January 

February . . . 

March 

April 

May 

June 

July 

August 

September. 
October... 
November. 
December. 


89 
91* 
93* 
89 


87*  ©  91* 

88*  ©  93 

92f  @,  93f 

92*  ©  98 
97* 
105* 


91! 
981 
100* 


911 

or,| 

or,  i 


106* 

96*  ^  107i 

0^* 

91) 
102 

103    ©  104* 
102*  @  104* 


102*  105 


108*  110* 


101*  105*  ©  1071  104 
102*  - 


108*  @  112$ 
109*  @,  111* 
111*  ©  103* 


Year. 


@    95* 


87*  @  107^1  96*  @  103 


95*  ©  114 


150  STOCK   EXCHANGE   MANUAL. 

FIVE-TWENTIES  :     5—20. 

A  gloomy  period  had  been  reached  in  1862.  The 
Treasury  had  been  depleted  by  the  constant  demand 
made  upon  it ;  and  with  the  aid  of  laws  thus  far  enacted, 
little  could  be  done  toward  replenishing  it.  It  was  a 
solemn  time  for  the  country ;  the  press  teemed  with 
projects ;  the  Representatives  in  Congress  were  ab- 
sorbed with  these  all-important  subjects,  and  op- 
pressed with  the  weight  of  the  responsibility  resting 
on  them. 

The  act  of  February  25,  1862,  authorized  the  well, 
known  5-20  bonds,  which  have  since  found  their  way 
in  greater  or  less  quantities  in  almost  every  town  in  the 
North,  and  have  become  a  favorite  investment  with 
foreign  peoples.  When  such  a  sum  of  paper  money  was 
to  be  issued  it  was  necessary  to  provide  some  means  of 
withdrawing  it,  if  necessary.  The  funding  system  of 
investment  in  the  5-20  bonds  was  therefore  devised. 
It  gave  an  additional  means  of  support  to  the  Govern- 
ment. The  5-20  bonds  were  authorized  to  the  amount 
of  $500,000,000,  redeemable  at  the  pleasure  of  the 
United  States,  after  five  years,  and  payable  twenty 
years  after  date,  whence  their  popular  name.  The  in- 
terest was  fixed  at  6  per  cent,  per  annum,  which  has 
always  been  paid  in  gold.  The  bonds  being  exempted 
from  taxation  under  State  authority,  gave  them  pre- 
cedence over  other  securities. 

On  March  3,  1864,  was  authorized  an  issue  of  5-20 
bonds  to  the  extent  of  $11,000,000  to  certain  sub- 
scribers, notwithstanding  such  amount  was  in  excess  of 
the  amount  originally  authorized. 

$10,780,500  have  been  issued,  redeemable  after  April 


UNITED   STATES   STOCKS.  151 

30,  1867-'82,  under  the  name  of  old  five-twenties,  with 
interest  payable  in  May  and  November. 

On  June  30,  1864,  was  approved  an  act  by  which 
the  Secretary  of  the  Treasury  was  authorized  to  bor- 
row $400,000,000  on  bonds,  which  he  might  make 
either  5-20  or  5-30,  redeemable  at  the  pleasure  of  the 
Government  after  any  period  not  less  than  five  nor 
more  than  forty  years  from  date.  $85,789,000  of  them 
have  been  issued,  and  are  redeemable  after  October  31, 
1869-'84.  These  notes  are  known  as  new  five-twenties, 
and  interest  payable  in  May  and  November. 


TEN-FORTIES:  10-40. 

On  March  3, 1864,  was  approved  an  act  supplement- 
ary to  the  one  just  passed  one  year  before,  viz.,  March 
3,  1863.  It  allowed  the  Secretary  of  the  Treasury  to 
borrow  not  over  $200,000,000  in  lieu  of  the  loan  au- 
thorized by  the  act  of  March  3, 1863,  during  the  fiscal 
year,  issuing  therefor  coupon  or  registered  bonds,  re- 
deemable at  the  pleasure  of  the  Government,  after  such 
periods  as  might  be  fixed  by  the  Secretary,  not  less 
than  ten,  nor  more  than  forty  years  from  date — whence 
their  popular  name  of  ten-forties — bearing  interest  at 
5  per  cent,  in  coin. 

The  subscription  has  been  closed,  January  7,  1865, 
and  $172,770,100  have  been  issued. 

These  notes  are  redeemable  after  February  28, 
1874-1904,  and  interest  is  payable  March  1  and  Sep- 
tember 1. 

SEVEN-THIRTIES:  7-30. 
June   30,    1864,  the   Secretary  was   authorized  to 


152  STOCK   EXCHANGE   MANUAL. 

issue  $200,000,000  in  Treasury  notes,  payable  at  any 
time  not  exceeding  three  years  from  date,  and  bearing 
interest  not  exceeding  7-30  per  cent,  in  currency. 

The  new  7-30  treasury  notes  are  all  dated  August 
15,  1864.  They  have  three  years  to  run  from  that  date; 
they  are  in  denominations  of  $50,  8100,  $600,  and  $1,000. 
Each  note  has  five  coupons,  and  the  sixth  half-year's 
interest  is  payable  with  the  note  itself  on  the  15th  of 
August,  1867.  A  coupon  is  payable  every  six  months, 
to  wit,  on  the  15th  of  February  and  August  of  each 
year.  The  interest  is  two  cents  per  day  on  every  $100, 
and  is  in  currency ;  hence  they  are  sometimes  called 
currency  7  3-10  notes.  When  they  mature,  the  holder 
can  take  the  money,  or  he  can  convert  them  into  the 
5-20  six  per  cent,  gold  interest  bonds.  In  revolution- 
ary and  uncertain  times  like  these,  this  option  to  take 
the  money  in  August,  1867,  or  to  take  the  5-20  bonds, 
is  a  privilege  not  to  be  lost  sight  of. 

These  notes  produce,  in  the  three  years  they  have 
to  run,  $21.90  in  currency  on  every  $100.  A  5-20  bond 
produces  $18  in  gold.  Then  the  uncertain  question  is, 
how  high  will  gold  range  or  average  during  the  three 
years?  If  gold  averages  200,  a  $100  5-20  bond  nets 
in  currency  $36,  or  $14.10  more  than  a  7  3-10  note ; 
but  if  gold  shall  average  only  150  for  the  three  years, 
then  a  5-20  bond  yields  in  currency  only  $5.10  more 
than  the  7  3-10  note. 

The  subscriptions,  through  the  agencies  of  Jay  Cooke 
&  Co.,  have  absorbed  the  whole  of  the  first  issue,  say 
.200,000,000.  In  forty-three  days  $161,000,000  have 
been  disposed  of.  The  sale  of  the  second  series,  au- 
thorized by  the  act  of  Congress,  March  3,  1865,  and 
designated  as  that  of  June  15th,  will  go  on  without  in- 


UNITED   STATES   STOCKS.  153 

terruption — the  notes  are  precisely  like  the  others,  save 
in  their  date.  The  agents  will  now  calculate  interest  at 
the  rate  of  seven  and  three-tenths  per  cent,  on  all  sub- 
scriptions from  that  date  up  to  June  15  next,  and  will 
pay  back  the  amount  in  money  to  purchasers  at  the 
time  they  buy. 

.They  are  redeemable  June  15,  1868. 


CERTIFICATES    OF   INDEBTEDNESS. 

On  March  J,  1862,  was  approved  the  act  authoriz- 
ing the  Secretary  of  the  Treasury  to  issue  certificates 
of  indebtedness,  payable  one  year  from  date,  in  settle- 
ment of  audited  claims  against  the  Government,  bear- 
ing 6  per  cent,  interest  in  currency.  The  amount  out- 
standing, March  31,  1865,  is  $171,790,000. 


SIXES  1867. 

On  January  27,  1847,  was  authorized  a  loan,  issued 
to  the  amount  of  $9,415,250,  in  registered  bonds,  bear- 
ing 6  per  cent,  interest  in  gold,  and  redeemable  after 
twenty  years,  say  July  1,  1867.  Interest  payable  in 
January  and  July. 

SIXES  1868. 

On  March  31,  1848,  was  authorized  a  loan,  issued 
to  the  amount  of  $8,908,342,  in  registered  and  coupon 
bonds,  bearing  interest  at  6  per  cent,  in  gold,  and  re- 
deemable after  twenty  years,  say  July  1, 1868.  Interest 
is  payable  in  January  and  July. 
7* 


154 


STOCK   EXCHANGE   MANUAL. 


Statement  of  the  extreme  prices,  monthly  and  yearly, 
for  the  six  years  ending  March  31,  1865: 


June 

July... 

Aug... 

Sept.. 

Oct.... 

Nov. 

Dec 


96*  ©100 

96V 

96*  ©  100 
103  @103| 
101*  ©  102 
102 


Year. 


FIVES    1874. 

On  June  14,  1858,  was  authorized  a  loan,  redeem- 
able after  December  31,  1873,  to  the  amount  of  $20,- 
000,000,  in  registered  and  coupon  bonds,  with  interest 
at  five  per  cent,  in  gold,  payable  in  January  and  July. 

Statement  of  the  extreme  prices,  monthly  and  yearly, 
for  the  six  years  ending  March  31,  1865  : 


100J 
100K8H02 
102*@,103} 
103  ©103* 

104* 


UNITED   STATES   STOCKS.  155 

FIVES    1871. 

On  June  22,  1860,  was  authorized  a  loan,  redeem- 
able after  January  1, 1871,  issued  to  the  amount  of  $7,- 
022,000,  in  registered  and  coupon  bonds,  with  interest 
at  5  per  cent,  in  gold,  payable  in  January  and  July. 

OREGON  WAR  DEBT. 

The  act  of  March  2,  1861,  authorized  an  issue  of 
$2,800,000  in  coupon  bonds,  bearing  interest  at  the 
rate  of  6  per  cent,  per  annum,  and  redeemable  in  twenty 
years,  for  the  payment  of  expenses  incurred  by  the 
Territories  of  Washington  and  Oregon,  in  the  suppres- 
sion of  Indian  hostilities  during  the  years  1855  and 
1856. 

$1,016,000  have  been  issued,  and  are  redeemable 
after  July  1,  1881.  Interest  is  payable  yearly. 


CHAPTER    II. 

STATE  BONDS. 

I. 

NEW  YORK  STATE  BONDS. 

NOTWITHSTANDING  the  pressure  of  war  upon  the 
country,  the  resources,  wealth,  and  income  of  the  State 
appear  to  be  but  little  affected.  It  will  be  seen  that 
the  State  of  New  York  is  sound  to  the  core,  and  though, 
as  a  State,  it  has  about  double  the  population  of  Hol- 
land, its  whole  debt,  with  a  Canal  revenue  adequate  to 
its  redemption  in  ten  years,  is  not  one-thirteenth  part 
of  that  of  the  former  country,  whose  area  of  surface  and 
production  is  but  one  quarter  of  that  of  New  York,  its 
ancient  colony. 

The  entire  debt  of  the  State  at  the  close  of  the  fiscal 
year  1863-'64  was  as  follows : 

Canal  debt $22,441,770  25 

General  fund  debt 6,278,954  37 


Total  debt $28,720,724  62 

The  policy  of  paying  the  principal  of  the  debt  as 


STATE   BONDS. 


157 


fast  as  it  becomes  due  continues  to  be  pursued.  Within 
the  last  four  years  it  has  been  reduced  to  the  extent  of 
$4,892,251  23. 


CANAL   DEBT. 

The  following  is  a  statement  of  the  Canal  debt, 
showing  each  description  of  stock,  the  amount  coming 
due  in  each  year,  and  the  amount  of  interest  payable 
thereon  annually : 

When  due.  7  per  cent.  6  per  cent.  5  per  cent. 

$  $  $ 

1837 —   .  ..  —16000     .. 

I860 —  ..  ..            10,00000 

1863 —  ..  ..           40,00000 

1864 —  ..  63,80000     .. 

Interest  ceased.  —  . .        63,960  00     . .           50,000  00 

1864 1,200,00000 

1865 —  1,544,22476.. 

1866 —  743,00000..          192,585,49 

1868 —  ..                            ..       1,212,00000 

1871 —  ..          236,00000 

1872 —  ..3,050,00000.. 

1873 —  ..6,000,00000.. 

1874 —  . .  2,250,000  00  . .       4,500,000  00 

1875 —  ..      500,00000.. 

1876 —  ..      900,00000.. 

Paying  interest.    .  1,200,000  00  14,987,224  76  6,140,585  49 

Total 1,200,000  00  15,051,184  76  6,190,585  49 

Annual  interest..          84,00000       899,23349  307,02927 

The  interest-paying  portion  of  the  above  debt,  as 
arranged  by  constitutional  provision  (Const.,  Art.  7), 
stands  thus: 


158 


STOCK   EXCHANGE   MANUAL. 


Sec. 


Kate. 

Principal. 

L—  7s.... 

$1,200,000  00 

—  6s 

1,494,224  76 

—5s  

5,212,000  00 

III.—  6s.... 

11,000,000  00 

—5s  

736,000  00 

X—  6s\... 

250,000  00 

—5s  

192,585  49 

XII—  6s  

2,243,000  00 

Aunual  Interest. 

$84,000  00 
89,653  48 
260,600  00— 
660,000  00 
36,800  00 
15,000  00 
9,629  28— 
134,580  00— 


$434,253  48 
696,800  00 

24,629  28 
134,580  00 


Total $22,327,810  25    $1,290,262  76   $1,290,262  76 

Of  the  above  debt  paying  interest  there  was  held 
on  the  30th  September,  1864, 

On  home  account $20,486,082  89 

On  foreign  account 1,841,727  36 

Total  paying  interest $22,327,810  25 

The  following  statements  from  the  Canal  Depart- 
ment show  the  receipts  and  payments  on  account  of 
the  canals  during  the  fiscal  year  1863-'64  : 

Receipts  during  the  year — 

Tolls  collected  on  all  the  canals $4,308,781  20 

Rents  of  surplus  waters 1,511  82 

Interest  on  current  revenues 30,002  19 

Miscellaneous 5,970  31 


Total  receipts $4,346,265  52 

Payments  during  the  year — 

Canal  Commissioners  for  Repairs $166,069  98 

Contractors  for  repairs 498,938  41 

Superintendents  for  repairs 234,115  71 

Collectors,  for  salaries,  clerk  hire,  pay  of  inspectors, 

and  expenses  of  officers 59,320  29 

Weighmasters 9,256  88 

Miscellaneous 61,208  18 

Total  payments $1,028,909  46 

"  Surplus  Revenue" $3,817,856  06 


STATE    BONDS.  159 

— from  which  there  was  paid  to 

Sinking  fund,  under  Art.  7,  Sec.  1.  .$1,700,000  00 
"         "  "  "2..      350,000  00 

"         "  "  "3..   1,116,242  66 

Treasury,  under  Art.  7,  Sec.  3,  to  de- 
fray expenses  of  government. . .     151,113  40 —  $3,317,356  00 

By  comparing  the  receipts  with  those  of  1862-'63, 
which  were  $5,118,501  35,  it  will  be  seen  that  there  is 
a  falling  off  to  the  extent  of  $772,235  83. 

GENERAL   FUND   DEBT. 

The  following  are  the  details  of  the  State  debt 
chargeable  upon  the  General  Fund  Debt  Sinking  Fund : 

State  Stocks,  viz.:                  Kate.  Redeemable.         Amount 

Astor  debt 5  ..  pleasure.      $561,50000 

Ithaca  &  Owego  R.  B.  loan 5£  ..  July  1, 1865. .  28,000  00 

Hudson  &  Berk.  R.  R.  loan. . . .  6£  . .  "        "       150,000  00 

Deficiency  loan 5  ..  May  1, 1868.  .442,961  05 

"     6  ..  Jan.  1,1868.. 500,000  00 

"     7  ..  Julyl,  1870.. 700,000  00 

"     5  ..  "       1875.. 900,000  00 

"     6  ..  "       1878.. 800,000  00 

"     5  ..  pleasure.        348,107  00 

"     6  . .  "            1,189,780  77 


Total  Stock  loans $5,620,348  82 

Comptroller's  bonds 5       . .       demand.         $28,697  34 

"  "         5£     ..  "         ..     11,000  00 

"  "         6       ..  "         ..     14,212  74 

"  "         6       . .      pleasure.   . .     36,000  00 

"  "         6       ..     July  1,  1866.  385,000  00 


Total  Comptroller's  bonds $474,910  08 

Indian  annuities  ($7,361  67) 6 122,694  87 

Debt  paying  interest $6,217,954  37 

Debt  not  paying  interest 61,000  00 

Total  General  Fund  debt $6,278,954  87 


160 


STOCK   EXCHANGE    MANUAL. 


The  sinking  fund  appropriated  to  the  payment  of 
this  debt  and  interest  consists  of  $350,000  transferred 
under  Art.  7,  Sec.  3,  from  the  "  surplus  earnings  "  of 
the  canals  or  such  moiety  of  that  sum  as  may  remain 
after  satisfying  the  Canal  Debt  Sinking  Fund. 


n. 

CALIFORNIA   BONDS. 

These  bonds,  issued  in  1857,  to  the  amount  of 
$3,727,500,  in  coupons,  are  redeemable  in  1878,  with 
interest  payable  in  January  and  July. 

Statement  of  the  extreme  prices,  monthly  and  yearly, 
for  the  six  years  ending  March  31,  1865  : 


ss 


Year.. 


76J  ©  119 


115  ©139 


145  @159 


152 
153 


160 

15S 


123  @187 


155  @  158 
145  <a 112 
112  ©  116 


III. 

CONNECTICUT   BONDS. 


$800,000  have  been  issued  in  July,  1861,  at  6  per 
cent,  redeemable  in  1871  and  1881,  and  $1,200,000  in 
January,  1862,  redeemable  in  1872  and  1882,  with 
interest  payable  for  both  in  January  and  July. 


STATE   BONDS.  161 

Market  price,  99|. 

$1,000,000  have  been  issued  in  January,  1863,  at  6 
per  cent.,  redeemable  in  1883,  with  interest  payable  in 
January  and  July. 

Market  price,  99. 

IV. 

GEORGIA   BONDS. 

$72,000  at  5  per  cent.,  redeemable  in  1872,  with 
interest  payable  in  January  and  July. 

$2,073,750  at  6  per  cent.,  redeemable  in  1880,  with 
interest  payable  in  January  and  July. 

Market  price,  58. 

$525,000  at  7  per  cent.,  redeemable  in  1872,  with 
interest  payable  in  January  find  July. 

V. 

ILLINOIS    BONDS. 

The  following  is  a  statement  of  the  State  debt  of 
Illinois,  all  of  which  bears  interest  at.  6  per  cent. : 

Illinois  Bank  and  internal  improvement  stock $31,000  00 

Illinois  internal  improvement  stock 42,000  00 

Illinois  improvement  scrip 19,570  33 

Liquidation  bonds 234,650  21 

New  internal  improvement  stock 1,848,407  85 

Interest  bonds 1,206,836  96 

Interest  stock 701,404  75 

Two  certificates  of  arrears  of  interest 1,002  58 

Refunded  stock 1,837,000  00 

Normal  University  bonds 65,000  00 

War  bonds 1,679,000  OC 


162 


STOCK   EXCHANGE   MANUAL. 


Thornton  loan  bonds  (Act  appr.  Feb.  21,  1861) $182,000  00 

Balance  canal  claims  (under  same  Act) 3,624  58 

Illinois  &  Mich.  Canal  bonds  (payable  in  New  York)..  1,618,000  00 

"              "         "    .     "      (     "          "  London)....  1,631,688  89 

Interest  certiiScates  canal  stock  not  registered 17,661  83 

Canal  scrip  signed  by  Governor 2,616  97 


Total $11,121,564  45 

Two  years  ago  the  State  debt  amounted  to  $12,- 
222,388  20,  and  has  consequently  been  reduced  $1,- 
100,823  75. 

VL 

INDIANA   BONDS. 


Description  cf  Securities. 

Amount 

Outstanding. 

Rate. 

Interest 
Period. 

When 
Due. 

State  stock  .  registered 

5325500 

5 

Jan  &  July 

1886 

2058  178" 

Oi 

18S6 

State  Int.  Imp.  bonds  (not  adjusted). 

891,000 

d'm'd 

State  War  Loan  bonds  coupon 

1,871,780 

6 

May  &  Nov. 

1881 

Canal  Preferred  stock  '    " 
"           "        special  stock.        " 
"    Deferred  stock              .        " 

4,079,500 
1,216,787 
1  243000 

5 
5 
5 

Jan.  &  July. 
« 

"       special  stock..        " 

479,545 

5 

Statement   of    the   extreme    prices,   monthly   and 
yearly,  for  the  six  years  ending  March  31,  1865  : 


I860. 

1861. 

1865. 

1863. 

18«4. 

1865. 

Jan  

86 

87* 
85    ©88 
85    ©871 
88    ©  98 
80 
75    ©781 
76    ©82 
78*  ©81 
77*  ©  T9 
79 
79 
75    ©77 

75~~@93 

76    ©861 
75 
781  ©79 
77    ©79 
75    ©841 
79    ©781 
76    ©82 
78*  ©  81 

Feb 

92  ©93 

99 
98  ©  100 
96 

96  ©98 
93 

93 
98 

98 

94     .. 
94     .. 

March  

April.  .  . 

88 
88  ©90 
90 
•ft 

89 
90 
93 

Mav... 

Jane  

July  
Au<*     . 

Sept  
Oct  

Nov 

Dec 

Year  

88  ©93 

75  ©841 

92  ©  100 

95  ©98 

STATE    BONDS. 

vn. 

IOWA  BONDS. 


163 


State  stock,  coupon,  $200,000,  at  7  per  cent.,  redeem- 
able in  1868,  with  interest  payable  in  January  and  July. 

"War  loan,  $800,000,  at  7  per  cent.,  redeemable  in 
1881,  with  interest  payable  in  January  and  July. 

Bonds  to  school  fund,  $125,295  at  10  per  cent. 


vin. 

KANSAS  BONDS. 


$200,000,  at  7  per  cent.,  redeemable  in  1876-1878, 
with  interest  payable  in  January  and  July. 


IX. 

KENTUCKY   BONDS. 


Description  of 
Securities. 

Amount 

Outstanding. 

Rate. 

Interest 
Period. 

When 

Due. 

Mftrket 
Price. 

j                         1 

5 

Jan  &  July 

'65-'75 

90 

[-4,800,000  < 

5 

'Sl-'Ql 

u          n                                              tt 

5 

i<          « 

'93-'96 

"       ||    (bank)  

600,000 
67  500 

5 

6 

M                      11 

1891 
'91  -'96 

"        "    (war  loan)..          " 

2,000,000 

5 

U                    M 

1871 

X. 

LOUISIANA  BONDS. 


Description  of 
Securities. 

Amount 
Outstanding. 

Rate. 

When 
Due. 

Market 
Price. 

State 

bonds  (R.  R.,  &c.)  

.  ..coupon 

516,130 
8,902,000 
5,398,533 
670.000 

6 
6 
6 
6 

cTm'd. 
'67-'99 

60 

"       (R.  R.,  &c.)  
"      (banks).. 

u 

"       (war  loan  

u 

164 


STOCK   EXCHANGE   MANUAL. 

XL 

MASSACHUSETTS  BONDS. 


Description  of 
Securitiea. 

Amount 
Outstanding. 

Rate. 

Interest 
Period. 

When 
Dae. 

Market 
Price. 

State  bMs  (Western  R.  R.)...stg. 
"    (T.&G.  R.  R.)....  " 

3,995,555 
508,380 

6 
6 

April  &  Oct. 

'68-'71 
'8S-'90 

"    (                  L     )..  dollar 

416,500 

6 

" 

'90-'91 

121 

(Eastern  R.  R.).'     " 

300,000 
500.000 

5 
6 

Jan.  &  Ju  y 

1898 
'65-T1 

123* 
150 

(N.  &  W.  R.  R.).     " 

400,000 

6 

» 

1870 

(Cons.  State  sc.).     " 

150,000 

6 

» 

1870 

(Buildings  sc.)  ...     " 

200,000 
845,000 
200,000 

6 

5 
5 

June  &Dec. 
April  &  Oct. 
May  &  Nov. 

'68-'7T 
165-174 
'65-'72 

12SJ 

v                   /••••" 

94,000 

B 

Jan.  &  July 

1874 

scrip 

200000 

6 

'64-'66 

247000 

6 

June  &•  Dec. 

•6S-'I72 

44 

53  000 

5 

'68-  '72 

Union  Fund  Loan.             coupon 

8,000,000 

6 

Jan.  &  July 

'71-78 

130* 

;i                   44                       44                                                   44 

600000 

5 

'77-'7S 

118} 

Bounty  Fund  Loan  " 
Coast  Defence  Loan  " 

500,000 
1,000,000 

5 
5 

May  &  Nov. 

1893 

1888 

119 
118J 

Back  Bay  Loan  " 

168,000 

5 

11                     il 

1880 

XII. 

MICHIGAN  BONDS. 

Description  of 
Securities. 

Amount 
Oul«tandinjr. 

1        Interest 
*»*•  1        Period, 

When  i 
Due. 

Market 
Price. 

216,000 
100,000 
567,000 
2,000,000 

6    j  Jan.  &  July. 

I   :     : 

6    | 

1878 
1S79 
1886 
'6S-'83 

100 
100 

Canal  Loan..  (sink'g  fund)        " 
War  Loan...  (    "         "    )        " 
Eedempt'n  Tn  (  "         "    )        " 

xm. 

MINNESOTA  BONDS. 


Description  of 
Securities. 

Amount 
Outstanding. 

Rate. 

Interest 
Period. 

When 
Due. 

Market 
Price. 

250000 

g 

1867 

100 

"        "        (Indian  war)..       " 
"       "       (Railroads)    ..       " 

100,000 
2,275,000 

7 

7 

41                        4C 

1871 
1888 

STATE    BONDS.  165 

XIV. 

MISSOURI  BONDS. 

The  finances  of  the  State  of  Missouri  are  daily  as- 
suming a  more  encouraging  aspect.  The  Hannibal  and 
St.  Joseph  Railway  Company  has  resumed  the  payment 
of  the  interest  on  the  $3,000,000  of  its  bonds,  and  has 
so  far  relieved  the  State  from  liability.  The  recent 
legislation  in  favor  of  the  Pacific  Railway  of  Missouri 
will,  in  a  very  few  months,  insure  the  completion  of 
that  road,  when  its  earnings  will  be  ample  for  the  pay- 
ment of  the  interest  on  the  State  bonds  issued  to  it,  to 
the  amount  of  $8,500,000.  The  Platte  County  Road 
will  soon  be  able  to  resume  interest  on  bonds  paid  to 
it,  to  the  extent  of  $800,000.  The  amount  of  bonds 
issued  to  these  roads  is  $12,300,000,  out  of  $23,800,000 
— the  whole  issued  by  the  State  in  aid  of  railways — all 
of  which  constitute  first  mortgages  on  the  line  to  which 
they  were  issued.  Bonds  to  the  extent  of  $10,500,000 
were  issued  to  the  Iron  Mountain,  North  Missouri,  and 
Cairo  and  Fulton.  These  roads  will  soon  be  able  to 
contribute  toward  the  payment  on  the  bonds  issued  by 
them ;  but  without  any  help  from  these  three  lines,  the 
amount  of  interest  which  the  State  can  be  called  upon 
to  pay  on  account  of  its  railways  will  be  only  $618,000 
after  the  opening  of  the  Pacific  Road — an  inconsidera- 
ble sum  for  a  State  of  1,200,000,  with  resources  certain- 
ly not  inferior  to  those  of  any  State  in  the  Union.  The 
completion  of  the  Pacific  Railway  of  Missouri  will  mark 
an  era  in  the  prosperity  of  the  State.  There  can  be  no 
doubt  of  its  being  a  most  productive  work.  It  will 
connect  with  an  important  work  in  Kansas,  the  first 
section  of  which  is  on  the  eve  of  completion,  and  which 


166  STOCK   EXCHANGE   MANUAL. 

is  pushing  forward  with  rapid  strides  toward  the  gold 
region  of  Colorado.  The  State  of  Missouri,  although 
it  has  suffered  severely  from  the  Rebellion,  has  very 
nearly  emerged  from  its  embarrassments,  and  has,  in 
the  process,  thrown  off  the  great  incubus  to  its  pros- 
perity— Slavery.  The  change  is  already  most  notable. 
A  strong  tide  of  immigration  has  set  in  from  all  the 
Free  States.  Capital,  to  develop  its  vast  resources,  is 
rapidly  pouring  in.  The  immense  discoveries  of  gold 
in  Nevada  is  giving  the  State  the  choice  of  two  great 
markets — the  best  one  lying,  probably,  to  the  west. 
The  next  ten  years  will  place  Missouri  very  nearly 
alongside  of  Illinois  in  wealth  and  population ;  and  her 
bonds,  now  discredited  by  unforeseen  causes,  will  soon 
take  rank  with  those  of  the  latter  State.  The  best 
feeling  prevails  among  the  people  of  Missouri,  and  we 
shall  witness  her  political  and  financial  revolution  al- 
most at  the  same  breath. 

The  following  table,  prepared  by  the  committee  on 
finance  at  the  late  Missouri  State  Convention,  shows 
the  financial  condition  of  that  State : 

Bonds  issued  for  State  purposes t  $602,000 

State  bonds  issued  to  railroads  (including  guaranteed 

bonds) 23,701,000 

Revenue  bonds  issued  in  1861  (9  per  cent.)  now  due.. .  431,000 

Interest  due  on  bonds  issued  to  railroads  January  1, 1865  6,008,240 

Money  borrowed  by  Governor  Gamble  to  purchase  arms  150,000 
Amount  of  defence  warrants  outstanding  December  1st, 

1864 244,279 

Amount  of  Union  military  bonds  outstanding  December 

1st,  1864 1,771,030 

Amount  due  militia  for  active  service,  estimated  by 

Governor  Hall 1,000,000 

$32,907,549 


STATE   BONDS.  167 

Issue  to  Hannibal  and  St.  Joseph  Railroad..  .$3,000,000 

Paid  on  bonds  issued  for  State  purposes 200,000 

$3,200,000 

Total,  with  the  above  deduction  to  Hannibal  and  St. 

Joseph  Railroad. $29,707,549 

Of  the  above  there  is  now  due  by  the  State  on  her 
own  account : 

Balance  of  bonds  due  issued  for  State  purposes ,  $402,000 

Revenue  bonds  issued  in  1861 431,000 

Money  borrowed  by  Governor  Gamble 150,000 

Defence  warrants 244,279 

Union  military  bonds 1,771,030 

Due  militia  for  active  service,  estimated 1,000,000 


Total,  exclusive  of  interest , $3,998,309 

The  ordinance  for  the  payment  of  the  State  and 
railroad  indebtedness  of  Missouri,  passed  at  the  late 
Constitutional  Convention  held  there,  is  a  measure  of 
considerable  interest  to  the  whole  financial  public,  as 
well  as  other  States,  and  one  which  will  give  rise  to 
much  discussion  pending  the  adoption  or  rejection  of 
the  new  constitution  by  popular  vote,  on  the  6th  of 
June  next. 

In  order  to  provide  for  the  payment  of  the  interest 
and  principal  of  the  entire  debt,  the  ordinance  referred 
to  proposes  a  tax  of  one  quarter  of  one  per  cent,  upon 
the  value  of  the  real  and  personal  property  of  Missouri, 
estimated  at  $480,000,000. 

A  tax  of  ten  per  cent,  is  specially  levied  upon  the 
gross  earnings  of  the  Pacific,  North  Missouri,  and  Iron 
Mountain  Railroads,  from  the  1st  of  October,  1866,  to 
the  1st  of  October,  1868,  and  after  that  a  tax  of  fifteen 
per  cent,  until  the  principal  and  interest  of  the  bonds 
have  been  paid. 


168 


STOCK   EXCHANGE   MANUAL. 


The  scheme  of  taxation  here  outlined  is  the  most 
radical  financial  measure  ever  submitted  to  the  people 
of  any  section  of  this  country  or  any  other,  and  although 
its  adoption  would  be  immensely  advantageous  to  the 
Missouri  bondholders,  it  could  not  fail  to  prove  onerous 
to  property  holders. 

Statement  of  the  extreme  prices,  monthly  and  yearly, 
for  the  six  years  ending  March  31,  1865 : 


Jan  ....... 

Feb  ....... 

March  ..... 

April  ...... 

May 
June 
July 
August  .....  180 


1861. 


8jJ  67    ©  72i  40 
81    64    ©70*  40^ 
82}63i  ©69JI51 
84^i37J  @  66  !43f 


35    @42 


40^51 
46J45 


45 


Nov  ........  161 

Dec  .....  66 


Year 61    ©  84J  35    ©  72*  40   ©    53 


.v>i 


44|  4t'i 
46J  4J.'i 


4:i 


XV. 

NORTH    CAROLINA    BONDS. 

These  bonds  amount  to  $9,129,505. 
Statement  of  the  extreme  price  monthly  and  yearly, 
for  the  six  years  ending  March  31,  1865  : 


1865. 


January 

February 

March 

April 

May 

June 

July 

August 

September 
October, 


STATE  BONDS. 


169 


XYI. 

OHIO  BONDS. 


Description  of  Securities. 

Amount 
Outstanding. 

I 

Interest  Periods. 

When  Due. 

Market  Price. 

State  bonds  (foreign  debt).,  .coupon 

5        U                  l"       I        '            l! 

(                   )    . 

"       "     (    "         "    )    .      " 

ii       u     |   •        "    S          '* 

u          "        (     "             «     )      '         u 

"       "     (domestic  debt  

1,258,279 
1,015,000 
379,866 
2,183,532 
1,600,000 
4,095,309 
2,400,000 
125,680 
1,500 
279,313 
2,920,403 

6 
5 
6 
6 
6 
6 
6 
6 

'(5 

Jan.  &  July. 

u              ii 
Yearly. 

1860 
1865 
1868 
1870 
1875 
1881 
1886 
1868 
1866 
1868 

'!? 

100 
101 
102 
105 
108 

"        "      (war  loan)  coupon 
Irreducible  debt  (school  funds,  &c.) 

XVII. 

RHODE  ISLAND  BONDS. 

State  bonds  (war  loan),  coupon,  issued  to  the 
amount  of  $2,000,000  at  6  per  cent.,  redeemable  in  1882, 
with  interest  payable  in  March  and  September. 

XVIII. 

SOUTH  CAROLINA  BONDS. 

State  bonds  issued  to  the  amount  of  $3,618,000, 
redeemable  in  1868-1890. 


XIX. 

TENNESSEE  BONDS. 

Holders  of  Tennessee  bonds  will  be  interested  in  the 


170  STOCK   EXCHANGE   MANUAL. 

financial  statement  of  the  State  of  Tennessee,  as  contain- 
ed in  the  message  of  Governor  Brownlow.  The  Staes 
debt  is  reported  to  be  $3,894,606,  at  an  annual  interest 
of  8212,388  25.  Besides  this  debt  the  State  has  bonds 
for  internal  improvement  and  railroads  amounting  to 
$16,211,000.  The  aggregate  debt  is  $20,005,606,  and 
the  annual  interest,  $1,185,048  25.  The  arrears  of 
interest  since  January  1,  1861,  amount  to  nearly  twenty- 
five  per  cent,  of  the  principal. 

"The  arrearages  of  interest,"  says  the  Governor, 
"  amounting  to  nearly  twenty-five  per  cent,  of  the  prin- 
cipal, is  more  than  the  people  can  easily  pay  at  sight, 
with  the  other  burdens,  public  and  private,  thrown 
upon  them  by  the  war.  It  will  be  necessary,  therefore, 
to  anticipate  the  means,  so  as  at  the  same  time  to  pre- 
serve the  State  credit  by  satisfying  the  creditors  and 
to  preserve  the  people  from  oppressive  taxation. 

"  Thousands  of  practical  men  have  been  here  ;  they 
have  seen  that  a  farm  hand  can  earn  about  six  hundred 
dollars  a  year  in  the  North,  while  in  our  State  a  good 
farm  hand  can  make  five  bales  of  cotton,  worth  two 
thousand  dollars  per  annum,  against  six  hundred  dol- 
lars in  a  Northern  State.  If  the  tax  of  seven  cents  on 
the  one  hundred  dollars  to  which  our  burdens  had  been 
reduced  in  1860,  shall  be  increased  to  a  reasonable  ex- 
tent, it  is  believed  sufficient  revenue  will  be  realized  in 
the  next  three  years  over  and  above  the  ordinary  ex- 
penditures to  meet  the  arrears  of  interest  on  the  debt 
and  to  pay  the  sum  now  due,  and  the  further  sum  of 
$1,245,000  falling  due  in  1868." 


STATE   BONDS. 


171 


Description  of  Securities. 

Amount 
Outstanding. 

Rate. 

When  Due. 

.2 

£ 

c3 

50 

48 

56 

State 

$1,125,000 
2,062,606 
12,799,000 
608,000 
48,000 

6 
5 
6 
5 
6 

1882 
Var. 
Var. 
1890 
1890 

"       (internal  improvement).      " 
"       (railroads)  " 

"       (eapitol)     ...                         " 

"        (Hermitage)  " 

Statement  of  the  extreme  prices,  monthly  and  year- 
ly, for  the  six  years  ending  March  31,  1865  : 


Year.. 


93 


@    65 


58 


67* 


55 


64 


XX. 

VERMONT  BONDS. 

$1,000,000  at  6  per  cent.,  redeemable  in  1870,  with 
interest  payable  in  February  and  August. 


XXL 

VIRGINIA    BONDS. 


Amount 

§ 

I 

Description  of  Securities. 

Outstanding. 

j 

Interest  Periods. 

| 

| 

Inscribed  certificates  (civil)  
"                            (railroad.. 
State  bonds  (railroad)..  .coupon 

$404,000 
18,264,642 
12,624,500 

5 
6 
6 

Various. 
Jan.  &  July. 

Var. 

DO 

"        "       (sterling)...      " 

1,865,000 

5 

44                     U 

1892      .. 

172 


STOCK   EXCHANGE   MANUAL. 


Statement  of  the  extreme  prices,  monthly  and  year- 
ly,  for  the  six  years  ending  March  31,  1865  : 


Jan... 
Feb  .. 
March 
April.. 
May  . . 
June.. 
July... 
Aug... 
Sept . . 
Oct.... 
Nov... 
Dec... 


XXII. 

WISCONSIN   BONDS. 


Description  of  Securities. 

Amount 
Outstanding. 

1 

Interest  Periods. 

When  Due, 

Market  Price. 

Btiite  bonds  (civil)  coupon 
"         "     (war)  " 

100,000 
200  000 

6 
g 

April    &    Oct. 

'67-'68 
1867 

IOC 

"         "     (domestic)...      " 

100,000 
1,100,000 

6 
6 

1877 

'7S-'8S 

•• 

CHAPTER  III. 

BANK  STOCKS. 

BANK  in  commerce  is  a  place  of  deposit  for  money ; 
the  name  has  its  origin  in  the  fact  that  the  Jews,  who 
were  the  first  to  follow  the  business  of  lending  money, 
were  accustomed  to  assemble  in  market  places  in  Italian 
towns,  seated  on  benches,  there  to  transact  their 
trade. 

Banks  are  designed  to  afford  safe  places  of  deposit 
for  the  money  of  individuals,  corporations,  or  govern- 
ments; for  the  facilitating  the  exchange  of  money  from 
the  hand  of  parties  who  have  payments  to  make  to 
those  of  such  persons  as  are  to  receive  them,  as  well  as 
for  extending  aid  to  business  by  granting  loans  or  dis- 
count on  notes,  bonds,  stocks,  or  other  securities. 

Bank  stocks  have  been  and  are  a  favorite  article  for 
investment,  into  which  flows  the  spare  money  of  the 
nation.  They  are  quoted  every  day  on  'Change,  and 
are  esteemed  as  the  soundest  and  most  valuable  in  the 
market.  We  think,  therefore,  it  will  be  interesting  for 
our  readers  to  know  all  the  particulars  about  the  various 
banking  systems. 


174  STOCK    EXCHANGE   MANUAL. 


GENERAL   BANKING   SYSTEM   IN   THE   UNITED   STATES. 

On  the  organization  of  the  United  States  under  the 
Constitution,  Alexander  Hamilton,  in  his  report  on 
the  finances  in  1790,  urged  upon  Congress  the  import- 
ance of  establishing  a  Bank  of  the  United  States.  This 
measure,  although  it  met  with  vigorous  opposition  in 
the  House  of  Representatives,  passed  that  body  Febru- 
ary 8,  1791,  having  on  January  20  passed  the  Senate 
with  but  slight  resistance. 

In  1808,  three  years  previous  to  the  expiration  of 
the  charter,  application  was  made  to  Congress  for  a  re- 
newal of  the  charter,  and  Mr.  Gallatin,  the  able  head  of 
the  Treasury  Department,  in  obedience  to  a  resolution 
of  the  Senate,  reported  to  Congress  upon  the  memorial. 
Mr.  Gallatin  proposed  some  changes  in  the  new  act  of 
incorporation,  and  highly  recommended  the  re-incorpo- 
ration of  the  bank,  for  which  he  gave  his  reasons  in  a 
clear  and  convincing  manner.  Nothing,  however,  was 
done.  From  time  to  time  the  matter  was  brought  to 
the  attention  of  Congress,  until  February  11,  1811, 
a  bill  was  brought  forward,  but  was,  on  February  20, 
defeated  by  the  casting  voice  of  Vice-President  Clin- 
ton. The  bank  was  obliged  to  wind  up  its  affairs. 
Within  about  18  months  the  stockholders  had  received 
88  per  cent,  on  their  stock.  On  eventually  winding  up 
its  affairs,  the  assets  yielded  to  the  stockholders  a  pre- 
mium, over  and  above  the  par  value,  of  8£  per  cent. 
An  application  had  previously  been  unsuccessfully  made 
to  the  Legislature  of  Pennsylvania  for  the  re-charter 
of  this  institution,  with  a  capital  of  five  millions. 


BANK    STOCKS.  175 

During  the  war  of  1812,  the  Government,  which 
was  embarrassed  for  the  want  of  means,  had  received 
important  aid  from  the  banks:  by  this  means  the  banks, 
with  the  exception  of  those  in  New  England,  were,  in 
August  and  September,  1814,  driven  to  a  suspension  of 
specie  payments.   The  finances  of  the  Government  were 
now  in  a  terrible  condition,  when,  on  October  6,  Alex- 
ander Dallas  was  called  to  the  head  of  the  Treasury 
Department.     Never  before  had  there  been  greater 
need  of  a   clever  minister  in  this  important   office. 
Within  less  than  a  fortnight  the  new  Secretary  commu- 
nicated to  Congress  a  report  of  extraordinary  ability, 
in  which  he  strongly  recommended  the  establishment 
of  a  National  Bank,  as  the  remedy  required  to  bring 
the  finances  into  order.     Various  plans  for  a  bank  were 
brought  forward  in  Congress,  which  resulted  in  nothing, 
until  January  20,  1815,  a  bill  was  passed.     This  was 
vetoed  by  President  Madison,  on  the  ground  that  it 
would  not   accomplish  the  object  rendered  necessary 
by  the  state  of  the  revenue  and  the  condition  of  the 
country.     In  April,  1816,  however,  a  bill  for  a  Bank 
of  the  United  States,  which  had  previously  passed  the 
House  of  Representatives,  was  adopted  by  the  Senate, 
and,  receiving  the  signature  of  the  President,  became 
a  law.     The  corporate  title  of  this  institution  was  The 
President,  Directors,  and  Company  of  the  Bank  of  the 
United  States.    Its  capital  was  to  be  thirty-five  millions, 
composed  of  350,000  shares,  of  100  each :  seven  millions 
of  this  stock  was  to  be  subscribed  by  the  United  States, 
and  the  remaining  twenty-eight  by  individuals,  com- 
panies, or  corporations.     The  charter  was  to  extend  to 
March  3,  1836,  and  the  bank  was  authorized  to  organ- 
ize and  commence  business  so  soon  as  $8,400,000,  exclu- 


176  STOCK   EXCHANGE   MANUAL. 

sive  of  the  subscription  of  the  United  States,  was  paid  in. 
It  was  prohibited  from  lending,  on  account  of  the  United 
States,  more  than  $500,000,  or  to  any  State  more  than 
$50,000,  or  to  any  foreign  prince  or  power  any  sum 
whatever,  without  the  sanction  of  law  previously  being 
obtained.  The  bank  was  in  operation  January  7,  1817, 
and  through  its  agency  the  other  banks  throughout  the 
country  were  enabled  and  induced  to  resume  specie 
payments. 

An  unsucessful  effort  was  made  in  1818  to  repeal 
the  charter,  on  the  ground  of  alleged  mismanagement. 
President  Jackson,  in  his  message  of  December,  1829, 
intimated  that  constitutional  difficulties  might  inter- 
fere  to  prevent  its  re-charter,  but  no  application  was 
made  by  the  bank  until  the  session  of  1831-1832.  On 
July  4,  1832,  a  bill,  re-chartering  the  bank,  was  sent  to 
the  President,  who,  on  the  10th  of  the  same  month,  re- 
turned it  with  a  message  stating  his  objections.  An 
effort  now  being  made  to  pass  the  bill  over  the  veto  of 
the  President,  but  without  success,  the  bank,  in  March, 
1836,  ceased  to  act  under  the  charter  granted  by  the 
United  States ;  but  was  in  the  same  year  re-chartered 
by  the  State  of  Pennsylvania,  with  the  same  capital  it 
had  previously  held. 

On  October  9,  1839,  the  Bank  of  the  United  States 
suspended  specie  payments  for  a  second  time,  having 
previously  suspended  in  1837,  a  measure  which  was 
adopted  immediately  by  all  the  banks  throughout  the 
State  of  Pennsylvania,  and  eventually — with  compara- 
tively limited  exception — throughout  the  country.  On 
January  15,  1840,  in  compliance  with  an  act  of  the 
Legislature,  it  resumed  specie  payments,  to  suspend 
finally  on  February  4.  On  winding  up  its  affairs,  after 


BANK   STOCKS.  177 

payment  of  its  debts,   there  remained  nothing  to  the 
stockholders,  the  entire  capital  having  been  sunk. 


II. 

THE  SAFETY  FUND  SYSTEM. 

The  Safety  Fund  system  was  first  introduced  in  1820. 
Every  bank  belonging  to  the  system  has  received  a 
special  act  of  incorporation  from  the  Legislature. 
These  charters  were  for  a  limited  period,  generally  hav- 
ing about  20  years  to  run.  The  charters  of  these  will 
expire  in  each  year  until  1866,  when  the  last  will  termi- 
nate. The  system  includes  two  incorporated  banks 
not  subject  to  the  Safety  Fund  Act,  whose  charters 
are  unlimited — viz.,  the  Manhattan  Company,  and  the 
New  York  Dry  Dock  Company;  their  capital  is 
$2,250,000. 

This  system  was  regulated  by  a  general  law,  which 
was  incorporated  in  every  charter,  by  which  each  bank 
was  required  to  have  all  capital  paid  in  before  it  com- 
mence^ business ;  and  it  was  also  required  annually  to 
contribute  one  half  of  one  per  cent,  upon  its  capital  to 
a  common  fund  deposited  with  the  State  Treasurer, 
until  such  fund  should  amount  to  three  per  cent,  upon 
the  capital  of  each  bank,  which  fund  was  denominated 
the  Bank  Fund,  and  was  to  be  applied  to  the  payment 
of  the  debts  of  any  insolvent  bank  contributing  to  the 
same  ;  and  in  case  the  fund  was  at  any  time  diminished 
by  payment  from  it,  the  banks  were  again  required  to 
make  their  annual  contribution,  till  each  had  in  deposit 
the  three  per  cent,  of  its  capital  stock.  This  fund,  in  com- 
mon parlance,  has  been  called  the  Safety  Fund,  which 
has  finally  given  the  name  to  the  system. 

Q* 


178  STOCK   EXCHANGE   MANUAL. 

III. 

THE    STATE   OB  FKEE    BANKING   SYSTEM. 

The  Free  Banking  System,  as  it  is  styled,  was  es- 
tablished in  1838.  By  this  system  every  individual  and 
association  was  authorized  to  engage  in  the  business 
of  banking,  and  on  depositing  with  the  Comptroller 
stock  of  the  United  States,  or  of  any  State,  which 
should  be  or  be  made  equal  to  a  five  per  cent,  stock,  or 
such  stocks  and  bonds  and  mortgages  to  the  same 
amount  or  less,  on  improved,  productive,  and  unencum- 
bered real  estate  worth  double  the  amount  secured  by  the 
mortgage  over  and  above  buildings  thereon,  and  bear- 
ing an  interest  of  at  least  6  per  cent,  per  annum,  the 
Comptroller  was  required  to  deliver  to  such  individual 
or  association  an  equal  amount  of  bank  notes  for  circu- 
lation, duly  numbered  and  countersigned  in  his  office. 

Associations  under  that  law  were  a  species  of  corpora- 
tion ;  they  could  contract,  sue  and  be  sued,  in  the  name 
of  their  president,  and  the  shares  were  transferable  at 
the  pleasure  of  the  shareholders,  who  were  not  liable  in 
their  individual  capacity  for  the  debts  of  the  associa- 
tion ;  but  there  was  nothing  in  the  act  that  required 
individual  banks  to  deposit  any  particular  amount  of 
securities  before  they  commenced  banking.  The  coun- 
try was  then  flooded  with  stocks  from  almost  every 
State,  and  the  consequence  was  that  numerous  banks 
sprang  into  existence  under  this  law.  Repudiation 
soon  followed.  Many  States  that  did  not  repudiate 
failed  to  meet  their  obligations.  Confidence  was  im- 
paired, credit  was  shaken,  and  stocks  generally  depre- 
ciated in  the  market :  the  consequence  was  that  many 


BANK    STOCKS.  179 

banks  failed,  and  the  Legislature  partially  retrieved  its 
error  in  1840,  by  excluding  all  stocks  except  those 
issued  by  this  State,  and  required  those  to  be  or  to  be 
made  equal  to  a  five  per  cent,  stock. 

Finding  the  small  banks  unsafe,  the  Legislature,  in 
1844,  required  individual  bankers  to  deposit  securities 
to  the  amount  of  at  least  $50,000,  and  associations  to 
the  amount  of  $100,000,  before  they  were  entitled  to 
any  notes  for  circulation.  The  stringency  of  money  in 
1847  admonished  the  Legislature  that  the  security  of 
these  banks  was  not  sufficient,  and  iu  1848  they  re- 
quired the  stock  deposited  to  be  stock  of  this  State, 
and  equal  to  a  6  per  cent,  stock,  and  the  bonds  and 
mortgages  to  bear  an  interest  of  7  per  cent,  per  annum, 
and  that  they  should  not  be  in  amount  exceeding  two- 
fifths  of  the  value  of  the  land  covered  by  the  mortgage. 
This  is  the  Free  Banking  System,  as  it  now  stands,  and 
it  takes  its  name  from  the  fact  that  all  are  freely  per- 
mitted to  embark  in  it,  who  comply  with  the  rules  pre- 
scribed. It  is  no  monopoly,  no  exclusive  right  granted 
by  the  Legislature  to  a  favored  few ;  but  it  is  open  to 
all  who  can  give  the  requisite  security. 

It  was  thought,  if  the  circulation  should  be  made 
entirely  secure,  the  association  might  organize  under  a 
general  law  without  a  charter,  and  be  unlimited  as  to 
the  amount  of  capital  or  loans.  This  system  well  work- 
ing in  New  York,  became  popular,  and  under  the  favor 
with  which  it  was  received,  banks  began  to  multiply  in 
the  Western  States. 

IV. 

THE   NATIONAL   SYSTEM. 

No  man  was  ever  put  in  such  a  position  as  that  occu- 


180  STOCK    EXCHANGE   MANUAL. 

pied  by  the  Secretary  of  the  Treasury  at  the  beginning 
of  1863.  $900,000,000  were  to  be  provided  in  the  fiscal 
half  year,  and  year  ensuing,  at  the  lowest  estimate,  and 
it  was  evident  that  the  financial  policy  of  Government 
might  be  greatly  changed. 

The  first  object  would  have  been  to  reduce  the  cur- 
rency and  bring  gold  back  to  par.  This  was  a  sine 
qua  non.  Yet  the  Secretary  had  no  proposal  of  the 
kind  to  make ;  but  in  the  bill  to  provide  ways  and 
means  for  the  support  of  the  Government,  he  wished 
for  a  loan,  treasury  notes  on  interest,  treasury  notes  not 
on  interest,  fractional  currency,  and,  subsequently,  for 
a  system  of  National  Banks. 

The  principal  features  of  the  system  are  a  circula- 
tion of  notes  having  a  common  impression,  and  authen- 
ticated by  a  common  authority — the  redemption  of 
these  notes  by  the  associations  and  institutions  to  which 
they  may  be  delivered  for  issue,  and  the  security  of 
that  redemption  by  the  pledge  of  the  United  States, 
and  an  adequate  provision  of  specie. 

The  prime  objects  of  this  law  were  to  provide  a 
market  for  the  bonds  which  had  already  been  author- 
ized, and  to  furnish  a  uniform  currency  throughout  the 
country.  To  accomplish  this  object  a  bureau  of  cur- 
rency was  created,  the  appointment  of  the  necessary 
officers  provided  for,  and  regulations  were  made  for  the 
formation  of  banking  associations. 

They  were  not  to  have,  in  any  case,  a  capital  of  less 
than  850,000,  thirty  per  cent,  of  which  was  required  to 
be  paid  in  at  the  time  of  the  commencement  of  the 
banking  operations.  The  basis  of  the  circulation  was  to 
be  United  States  bonds  deposited  with  the  Treasurer 
of  the  United  States,  and  the  circulating  notes  them- 


BANK    STOCKS.  181 

selves  were  to  be  furnished  by  the  Government  to  each 
bank.  The  issue  of  notes  under  the  act,  was  limited 
to  $300,000,000.  These  notes  have  already  become  fa- 
miliar to  all  our  readers. 

A  large  majority  of  both  Houses  had  little  confi- 
dence in  the  measure,  and  voted  for  it  mainly  because 
it -was  so  strongly  urged  by  the  Secretary.  In  the 
Senate  the  vote  was  passed  23  to  21,  and  4  absent ;  in 
the  House,  77  to  64,  and  38  absent. 

By  the  organization  of  these  institutions,  above 
$300,000,000  of  the  Government  notes  are  returned  to 
the  Treasurer  and  exchanged  for  6  per  cent,  bonds,  or 
their  equivalent  in  bonds  at  other  rates  of  interest.  To 
that  extent  the  currency  debt  of  the  Government  is 
funded.  By  the  notes  that  they  issue  a  currency  of  a 
uniform  character  is  established  in  all  the  States,  based 
upon  the  obligations  of  the  Government.  The  currency 
of  the  National  Banks,  being  receivable  for  public  dues, 
could  be  accepted  by  the  Government  as  loan,  and  used 
in  its  payments.  It  thus  would  ultimately  comply 
with  the  necessity  for  the  Government  currency  which 
was  now  afloat,  which  could  then  be  gradually  with- 
drawn on  the  approach  of  a  resumption  of  specie 
payments.  The  notes  are  made  redeemable  in  Govern- 
ment notes,  and,  after  a  resumption  of  specie  payments, 
in  coin. 

The  Secretary  says  it  is  his  "  firm  belief  that  by  no 
other  path  can  the  resumption  of  specie  payments 
be  so  surely  reached  and  so  certainly  maintained. 
United  States  notes,  redeemable  for  bonds  bearing  a 
secure  specie  interest,  are  next  best  to  notes  convertible 
into  coin.  If,  consequently,  these  associations  redeem 
their  issues  with  United  Statesnotes,  resumption  of  specie 


182  STOCK   EXCHANGE   MANUAL. 

payments  will  not  thereby  be  delayed  or  endangered, 
but  hastened  and  secured;  for  just  as  soon  as  victory 
shall  restore  peace,  the  ample  revenue,  secured  by  wise 
legislation,  will  enable  the  Government,  through  ad- 
vantageous purchases  of  specie,  to  replace  at  once  large 
amounts,  and  at  no  distant  day  the  whole  Of  the  circu- 
lation, without  detriment  to  any  interest,  but,  on  the 
contrary,  with  great  and  manifest  benefit  to  all  in- 
terests." 

In  many  important  particulars  the  National  system 
differs  from  and  is  an  improvement  upon  the  State  sys- 
tem, which  it  most  closely  resembles :  that  it  restricts 
circulation  to  90  per  cent,  of  the  bonds  on  deposit 
with  the  Treasurer,  and  prohibits  the  banks  from  issu- 
ing notes  to  an  amount  exceeding  the  bonafide  paid-up 
capital  sworn  to  by  their  officers ;  that  every  interior 
National  bank,  in  addition  to  redeeming  its  notes  at 
its  own  counter,  is  compelled  to  redeem  at  par  at  some 
commercial  centre,  thereby  tending  to  prevent  high 
rates  of  exchange  between  the  different  sections  of  the 
country  ;  and  that  in  case  of  the  failure  of  a  bank  to  re- 
deem its  notes  according  to  the  provisions  of  the  act, 
these  notes,  instead  of  being  depreciated,  would  be  at 
once  redeemable  in  lawful  money  at  the  Treasury  of  the 
United  States. 

The  examination  of  the  act,  and  the  observation  of 
the  manner  in  which  it  is  administered,  have  resulted 
in  the  entering  up  of  a  popular  judgment  in  favor  of 
the  National  Banking  System — a  judgment,  not  that 
the  system  is  a  perfect  one,  nor  free  "from  danger  of 
abuse,  but  that  it  is  a  safer  system,  better  adapted  to 
the  nature  of  our  political  institutions  and  our  commercial 
necessities,  giving  more  strength  to  the  Government 


BANK   STOCKS.  183 

and  the  people  than  any  system  which  has  been  yet  de- 
vised ;  and  that  by  such  amendment  of  the  act  as  ex- 
perience may  show  to  be  needful,  it  may  be  made  as 
little  objectionable  and  as  beneficial  to  the  Government 
and  the  people  as  any  paper-money  banking  system 
that  wisdom  and  experience  are  likely  to  invent.  It 
promises  to  give  the  people  that  long-existing  desidera- 
tum, a  national  currency,  without  a  National  Bank,  with- 
out the  creation  of  a  moneyed  power  in  a  few  hands  over 
the  politics  and  business  of  the  country. 


CLEARING-HOUSE. 

When  the  number  of  banks  in  the  city  of  New 
York  began  to  multiply,  the  labor  of  keeping  mutual 
accounts  was  universally  increased,  the  practice  of  car- 
rying large  sums  of  money  and  negotiable  paper  about 
was  so  very  inconvenient  and  productive  of  loss,  that 
it  was  found  necessary  to  promote  an  arrangement,  and 
a  clearing-house  system  was  adopted.  By  this  means 
the  bankers  could  meet  and  exchange  the  checks 
upon  each  other  which  had  been  handed  in  to  them  by 
their  customers  for  collection  the  day  previous  in  the 
course  of  business.  Each  bank  has  its  clearing-house 
clerk,  whose  duty  is  to  draw  out  an  abstract  of  the 
checks  upon  other  houses,  and  at  the  clearance  to  ex- 
change them  against  those  on  his  own  bank.  The 
balance  is  paid  in  cash. .  If  any  check  thus  obtained  by 
exchange  should,  on  its  being  taken  home  and  compared 
with  the  customer's  account,  be  dishonored,  it  is  re- 
turned the  same  day  before  banking  hours  are  over. 

The  New  York  Clearing-House  was  established  in 
1853,  and  has  been  since  in  successful  operation. 


184  STOCK    EXCHANGE   MANUAL. 


BANKS  OF  NEW  YORK. 


STATE  BANKS. 

1.  AMERICAN  EXCHANGK  BANK,  No.  126  Broadway,  New  York. 
Capital,  $5,000,000 ;  Circulation,  $23,000.  President,  George  S. 
Coe;  Cashier,  Byron  Murray;  Assistant-Cashier,  Edmond  Willson  ; 
Notary  Public,  Alexander  R.  Rogers. 

Directors,  elected  November,  1864. 

George  S.Coe,  Samuel  Willetts,  Silas  Bronson,  Lowell  Holbrook, 
Alexander  Campbell,  Sheppard  Gandy,  George  Bliss,  Josiah  M. 
Fisk,  Byron  Murray,  William  A.  Booth,  David  Hoadley,  William  C. 
Langley,  Christian  Heydecker,  William  M.  Richards,  Edwin  Thome, 
Fisher  Howe,  Martin  Bates. 

Bank  Dividends. — May,  1861,  34  per  cent.;  May,  1862,  3  ;  No- 
vember, 1862,  3  ;  1863,  3£  and  4 ;  1864,  4  and  5.  Dividend  Months, 
May  and  November.  Discount  Days,  Tuesday  and  Friday.  Market 
price,  119 


2.  ATLANTIC  BANK,  No.  142  Broadway,  New  York.  Capital^ 
$300,000 ;  Circulation,  106,000.  President,  James  E.  Southworth  ; 
Vice-President,  Russel  C.  Root;  Cashier,  R.  R.  Freeman;  Notary 
Public,  A.  B.  Capwell. 

Directors. 

George  Allin,  Russel  C.  Root,  Smith  Sheldon,  Joseph  T.  Sanger, 
Daniel  M.  Wilson,  Roswell  S.  Burrows,  Samuel  Raynor,  Elisha  A. 
Packer,  James  E.  Southworth. 

Hank  Dividends. — December,  1863,  4  per  cent;  1864,  4  and  5  ; 
1865,  5.  Dividend  Months,  July  and  January.  Discount  Days, 
Tuesday  and  Friday.  Market  price,  96. 


BANKS    OF   NEW   YORK.  185 

3.  BANK  OF  AMERICA,  No.  46  Wall  street,  corner  of  William, 
New  York.  Capital,  $3,000,000;  Circulation,  $4,000.  President, 
James  Punnett ;  Cashier,  Wm.  L.  Jenkins  ;  Notary  Public,  George 
II.  Carey. 

Directors,  elected  July,  1864. 

James  Punnett,  Benjamin  L.  Swan,  David  Thompson,  William  H. 
Aspinwall,  Thomas  H.  Faile,  John  Cryder,  William  Whitlock, 
Frederick  C.  Foster,  Joseph  Battelle,  John  Slade,  Robert  T.  Wood- 
ward, Josiuh  0.  Low,  Horace  Gray,  Sheppard  Gandy. 

Bank  Dividends.— 1861,  34-  and  3|  per  cent. ;  1862,  3|  and  3| 
per  cent.;  1863,  4  and  4;  1864,  5  and  5;  1865,  5.  Dividend 
Months,  January  and  July.  Discount  Days,  Tuesday  and  Friday. 
Market  price,  130. 


4.  BANK  OF  NEW  YORK,  No.  48  Wall  street,  corner  of  William, 
New  York.  Capital,  $3,000,000 ;  Circulation,  $57,000.  President, 
Charles  P.  Leverich  ;  Vice-President,  James  H.  Banker  ;  Cashier, 
William  B.  Meeker ;  Notary  Public,  Edward  Robinson. 

Directors. 

Charles  E.  Bill,  E.  Boonen  Graves,  Charles  P.  Leverich,  Josiah 
Lane,  Frederick  Schuchardt,  Peter  V.  King,  Ezra  Wheeler,  Philetus 
H.  Holt,  William  Oothout,  Gardiner  G.  Howland,  John  N.  Bradley, 
James  H.  Banker,  William  Astor. 

Bank  Dividend. — 1865,  5  per  cent.     Market  price,  114. 


5.  THE  BANK  OF  NORTH  AMERICA,  No.  44  Wall  street,  New  York. 
Capital,  $1,000,000;  Circulation,  $180,000.  President,  John  P. 
Yelverton ;  Vice-President,  Charles  M.  Connolly ;  Cashier,  Joseph 
A.  Beardsley  ;  Notary  Public,  George  W.  Morell. 

Directors. 

John  P.  Yelverton,  William  K.  Strong,  Charles  M.  Connolly, 
Alonzo  Child,  David  B.  Turner,  William  M.  Bliss,  Henry  A.  Kent, 


186  STOCK   EXCHANGE   MANUAL. 

Robert  Bayard,  Frederick  J.  Hosford,  Charles  H.  Leonard,  Charlea 
A.  Trask,  Watson  E.  Case,  Robert  P.  Getty,  William  Muller,  Charles 
A.  Bulkley,  George  Dickinson,  William  Nelson. 

Bank  Dividends. — 1861  and  1862,  3|  per  cent.,  semi-annually  ; 
1863  and  1864,  4;  1865,  5.  Dividend  Months,  January  and  July. 
Discount  Days,  Wednesday  and  Saturday.  Market  price,  110. 


6.  BANK  OF  THE  COMMONWEALTH,  No.  19  Nassau  street,  New 
York.  Capital,  $750,000;  Circulation,  $100,000.  President,  Ed- 
ward Haight;  Cashier,  George  Ellis;  Notary  Public,  Eugene 
Lawrence. 

Directors. 

Edward  Haight,  Paul  Spofford,  B.  I.  Howland,  William  M. 
Gawtry,  James  B.  Wilson,  Cornelius  K.  Sutton,  G.  Reynaud,  Jr., 
Francis  Leland,  G.  Henry  Koop,  Augustus  H.  Haight,  George  Ellis. 

Bank  Dividend. — 1865,  5  percent.     Market  price,  105. 


7.  BANK  OF  THE  REPUBLIC,  No.  1  Wall  street,  corner  of  Broadway, 
New  York.  Capital,  $2,000,000  ;  Circulation,  $21,000.  President, 
Robert  H.  Lowry  ;  Vice-President,  John  J.  Crane ;  Cashier,  Henry 
W.  Ford ;  Notary  Public,  Jonathan  S.  Ely. 

Directors. 

Robert  H.  Lowry,  John  J.  Crane,  George  Collins,  George  G. 
Sampson,  William  H.  Guion,  Wm.  S.  Tisdale,  William  L.  Cogswell, 
James  B.  Johnston,  S.  R.  Stone,  Francis  Skiddy,  George  B.  Carhart, 
Henry  A.  Howe,  E.  W.  Corlies,  Thomas  T.  Buckley. 

Bank  Dividend. — 1865,  5  per  cent.  Dividend  Months,  February 
and  August.  Market  price,  100. 


8.  BANK  OF  THE  STATE  OF  NEW  YORK,  No.  31  William  street, 
corner  of  Exchange  Place,  New  York.     [Charter  will  expire  1866.] 


BANKS    OF   NEW   YORK.  187 

Capital,  $2,000,000;     Circulation,    $33,000.      President,    Reuben 
Withers ;  Cashier,  George  W.  Duer. 

Directors. 

Joseph  Lawrence,  Reuben  Withers,  John  Steward,  Charles  A. 
Davis,  Jonas  Conklin,  August  Beltnont,  Richard  Patrick,  Isaac  Bell, 
Jr.,  Lloyd  Aspinwall,  Watts  Sherman,  Isaac  H.  Reed,  S.  B.  Caldwell, 
George  W.  Duer. 

Bank  Dividend. — 1864,  3  per  cent.  Dividend  Months,  May  and 
November.  Market  price,  115. 


9.  THE  BULL'S  HEAD  BANK,  No.  314  Third  Avenue,  New  York. 
Capital,  $200,000;  Circulation,  $126,000.  President,  Richard  Wil- 
liamson ;  Cashier,  George  W.  Wiilett ;  Notary  Public,  Augustus 
Leland. 

Directors. 

Richard  Williamson,  William  L.  Cogswell,  Daniel  Barnes,  A.  B. 
Embury,  R.  Williamson,  Jr.,  Edwin  Snyder,  John  Mollard,  A.  M. 
Allerton,  Erastus  F.  Mead,  P.  McElroy,  Aaron  Rutherford,  Jacob 
Boell,  Thomas  Rae. 

Bank  Dividends. — 1861,  4  and  4  per  cent. ;  1862,  4  and  4;  1863, 
5  ;  1863  and  1864,  3  quarterly  ;  1865,  3.  Dividend  Months,  Jan- 
uary, April,  July,  and  October.  Discount  Day,  Friday. 


10.  BUTCHERS  AND  DROVERS'  BANK,  No.  124  Bowery,  corner  of 
Grand  street,  New  York.  Capital,  800,000;  Circulation,  186,000. 
President,  Benedict  Lewis,  Jr. ;  Cashier,  Robert  P.  Perrin ;  Notary 
Public,  Richard  C.  Fellows. 

Directors. 

Benedict  Lewis,  Jr.,  John  H.  Mersereau,  Joseph  Britton,  George 
Bell,  Peter  F.  Randolph,  Henry  A.  Polhamus,  Stephen  Hyatt,  John 
H.  Hayward,  James  C.  Baldwin,  Denton  Pearsall,  George  W. 
Quintard. 


188  STOCK    EXCHANGE    MANUAL. 

Bank  Dividends. — 1861,  5  nnd  5  per  cent. ;  1862,  5  and  5  ;  1863, 
5  and  5;  1864,  5  and  5;  1865,  5.  Dividend  Months,  January  and 
July.  Discount  Days,  "Wednesday  and  Saturday.  Market  price,  120. 


11.  THE  CHATHAM  BANK,  corner  of  Broadway  and  John  street, 
New  York.  Capital,  $450,000;  Circulation,  $8,000.  President, 
Nathaniel  Hayden ;  Vice-President,  Joseph  M.  Cooper  ;  Cashier, 
Osmond  H.  Schreiner. 

Directors,  elected  November,  1864. 

Nathaniel  Hayden,  William  K.  Belcher,  William  L.  Conklin, 
George  C.  Collins,  Joseph  M.  Cooper,  Thomas  Davenport,  John  B. 
Dunham,  Alfred  L.  Rowe,  Charles  J.  Shepard,  Chas.  Sandford,  John 
H.  Sherwood,  Oliver  W.  Woodford,  Thomas  Woodward,  Samuel  R. 
Platt,  Benjamin  W.  Merriam. 

Bank  Dividend. — 1865,5  per  cent.  Dividend  Months,  January 
nnd  July.  Market  price,  120. 


12.  THE  CHEMICAL  BAKK,  No.  270  Broadway,  New  York.  Capi- 
tal, $300,000;  Circulation,  $25,000.  President,  John  Q.  Jones; 
Cashier,  George  G.  Williams ;  Notary  Public,  Harman  C.  Tallman. 

Directors. 

John  Q.  Jones,  John  David  Wolfe,  Robert  McCoskry,  James  A. 
Roosevelt,  George  G.  Williams. 

Bank  Dividends. — 1861,  1662, 1863,  and  1864,  6  per  cent,  quar- 
terly, or  24  per  cent,  per  annum.  Dividend  Months,  January, 
April,  July,  and  October.  Market  price,  650. 


13.  THE  CITIZENS'  BANK,  No.  58  Bowery,  corner  of  Canal  street, 
New  York.  Capital,  $400,000;  Circulation,  $53,000.  President, 
Daniel  Burtnett;  Cashier,  Sylvester  R.  Comstock  ;  Notary  Public, 
John  W.  Pirsson. 


BANKS    OF   NEW   YOEK.  189 

Directors. 

Daniel  Burtnett,  Robert  Barkley,  James  M.  McLean,  William  J. 
Valentine,  Martin  Y.  Bunn,  William  Close,  Jacob  Miller,  Barney 
Bartram,  William  Hall,  Joseph  N.  Barnes,  Charles  Curtiss,  S.  R. 
Comstock,  Charles  Horton,  James  F.  Joyce,  Harrison  Hall. 

Bank  Dividends. — 1861,4  and  4  per  cent.;  1862,  3  and  4; 
1863,  4  and  4;  1864,  4  and  4  ;  1865,  4.  Dividend  Months,  February 
and  August.  Discount  Days,  Tuesday  and  Friday.  Market  price, 
115. 


14.  THE  CITY  BANK,  No.  52  Wall  street,  New  York.  Capital, 
$1,000,000 ;  Circulation,  none.  President,  Moses  Taylor ;  Cashier, 
Benjamin  Cartwright ;  Notary  Public,  William  Walter  Phelps. 

Directors. 

Moses  Taylor,  John  H.  Brower,  John  J.  Cisco,  Tarrant  Putnam, 
George  Greer,  Louis  A.  Von  Hoffman,  John  Alstyne,  Henry  Parish, 
John  J.  Phelps. 

Bank  Dividend. — 1864,  6  per  cent.  Dividend  Months,  May  and 
November.  Market  price,  170. 


15.  THE  CONTINENTAL  BANK,  No.  9  Nassau  street,  New  York. 
Capital,  $2,000,000;  Circulation,  $17,000.  President,  Uriel  A. 
Murdock  ;  Vice-President,  Charles  H.  Marshall ;  Cashier,  Cornelius 
F.  Timpson ;  Notary  Public,  Leslie  Irving. 

Directors. 

Uriel  A.  Murdock,  Charles  H.  Marshall,  James  Bryce,  John  T. 
Aguew,  Hermann  Marcuse,  George  A.  Townsend,  Nehemiah  Knight, 
Paul  Alden,  Frederick  C.  Gebhard,  C.  F.  Dambmann,  Simon  B. 
Chittenden,  A.  S.  Porter,  John  D.  Jones. 

Bank  Dividend. — 1865,  3£  per  cent.  Dividend  Months,  January 
and  July.  Market  price,  100. 


190  STOCK   EXCHANGE   MANUAL. 

16.  THE  CORN  EXCHANGE  BANK,  No.  13  William  street,  corner 
Of  Beaver,  New  York.  Capital,  $1,000,000 ;  Circulation,  $191,000. 
President,  Edward  W.  Dunham  ;  Vice-President,  James  L.  Dunham ; 
Cashier,  W.  A.  Falls ;  Notary  Public,  T.  C.  T.  Buckley. 

Directors. 

Edward  W.  Dunham,  T.  T.  Sturges,  David  Dows,  James  L.  Dun- 
ham, Stephen  Brush,  W.  Harman  Brown,  A.  H.  Grant,  S.  B.  Cald- 
well,  T.  C.  Durant,  Effingham  Townsend. 

Bank  Dividend. — 1865,  5  per  cent.  Dividend  Months,  February 
and  August.  Market  price,  109. 


17.  THE  EAST  RITER  BANK,  No.  680  Broadway,  New  York. 
Capital,  $206,525 ;  Circulation,  $105,000.  President,  Charles  Jen- 
kins; Cashier,  William  S.  Carman;  Notary  Public,  John  Van 
Orden. 

Directors. 

David  Banks,  John  M.  Ferrier,  Joseph  H.  Jennings,  Charles 
Cooper,  John  Nicholls,  Linus  Scudder,  E.  Ellery  Anderson,  William 
Phelps,  Amos  Woodruff,  Joseph  Rogers,  David  Banks,  Jr.,  Charles 
Jenkins,  Samuel  Cantrell,  E.  C.  Chapin,  A.  W.  Brown. 

Bank  Dividends. — 1861,  3|  and  3|  per  cent. ;  1862,  3£  and  3| ; 
1863,  3£  and  3|;  1864,  4  ;  1865,  4.  Dividend  Months,  January  and 
July.  Discount  Days,  Wednesday  and  Saturday.  Market  price,  104. 


18.  THE  FULTON  BANK,  corner  of  Fulton  and  Pearl  streets,  New 
York.  Capital,  $600,000 ;  Circulation,  $36,000.  President,  Thomas 
Monahan;  Cashier,  Robert  H.  Hay  dock;  Assistant- Cashier,  R.  M. 
Buchanan ;  Notary  Public,  Oscar  Smedberg. 

Directors. 

Thomas  Monahan,  Edwin  Clark,  Samuel  L.  Mitchill,  Benjamin  H. 
Field,  Joseph  S.  Barker,  0.  D.  F.  Grant,  David  Stewart,  William 
Adams,  James  Hunter,  William  E.  Dodge,  Jr.,  George  B.  De  Forest, 
Uriah  J.  Smith. 


BANKS    OP   NEW   YORK.  191 

Bank  Dividends. — 1861,  1862,  1863,  and  1864,  5  per  cent,  semi- 
annually.  Dividend  Months,  May  and  November.  Discount  Days, 
Wednesday  and  Saturday.  Market  price,  165. 


19.  THE  GREENWICH  BANK,  No.  402  Greenwich  street,  New 
York'.  Capita/,  $200,000;  Circulation,  $17,000.  President,  Ben- 
jamin F.  Wheelwright ;  Cashier,  William  Hawes ;  Notary  Public, 
Washington  Wheelwright. 

Directors. 

Benj.  F.  Wheelwright,  Matthias  Clark,  Alexander  McLachlan, 
Solomon  Banta,  Clinton  Gilbert,  Edward  Green,  Washington  Wheel- 
wright, A.  G.  Bogert,  William  Hawes. 

Bank  Dividends. — 1861,  1862,  1863,  and  1864,  6  per  cent,  semi- 
annually.  Dividend  Months,  May  and  November.  Discount  Days, 
Tuesday  and  Friday.  Market  price,  160. 


£0.  THE  GROCERS'  BANK,  No.  59  Barclay  street,  New  York. 
Capital,  $300,000 ;  Circulation,  $4,000.  President,  Edward  Rowe  ; 
Cashier,  Samuel  B.  White ;  Notary  Public,  B.  E.  Watson. 

Directors. 

Edward  Rowe,  Joseph  W.  Meeks,  James  M.  Motley,  William  B. 
Putnam,  Benjamin  G.  Clarke,  Oscai  Tibbals,  Thomas  Murphy,  Samuel 
B.  White,  N.  A.  Baldwin,  Wm.  A.  Seaver,  Joseph  Lee,  George 
Quintard,  George  Underbill. 

Bank  Dividend. — 1865,  5  per  cent.  Dividend  Months,  January 
and  July. 


21.  THE  HANOVER  BANK,  No.  33  Nassau  street,  New  York.  Capi- 
tal, $1,000,000;  Circulation,  $81,000.  President,  William  H.  John- 
son ;  Cashier,  John  T.  Banker  ;  Notary  Public,  John  W.  Pirsson. 

Directors. 
William  H.  Johnson,  Edward  Bridge,  Nathaniel  E.  James,  John 


192  STOCK   EXCHANGE   MANUAL. 

F.  Seymour,  Charles  A.  Coe,  James  Stuart,  James  P.  Wallace, 
Samuel  H.  Rokenbaugh,  Curtis  Noble.  Robert  Schell,  Isaac  N.  Sey- 
mour, William  Kumbel,  Charles  Stanton,  William  Boyd,  Abel  Deni- 
son,  Joseph  W.  Greene. 

Sank  Dividends. — 1863,  3  and  3£  per  cent,  semi-annually  ;  1864, 
4  and  5  ;  1865,  5.  Dividend  Months,  January  and  July.  Discount 
Days,  Tuesday  and  Friday.  Market  price.  103. 


22.  THE  IMPORTERS  AND  TRADERS'  BANK,  No.  247  Broadway, 
New  York.  Capital,  $1,500,000 ;  Circulation,  $72,000.  President, 
Lucius  Hopkins ;  Vice-President,  Aaron  Arnold ;  Cashier,  Jarnes 
Buell;  Assistant- Cashier,  William  H.  Hampton;  Notary  Public,  R. 
W.  Townsend. 

Directors. 

Lucius  Hopkins,  L.  B.  Ward,  D.  S.  Schanck,  G.  A.  Conover,  E. 
L.  Trowbridge,  J.  S.  Rockwell,  Aaron  Arnold,  Samuel  E.  Sproulls, 
Russell  Sage,  A.  S.  Hope,  George  Cecil,  Charles  Rubens,  John  T. 
Bruce. 

Bank  Dividends. — 1861,4  and  3  per  cent,  semi-annually;  1862, 
3  and  8|;  1863,  3£  and  4;  1864,  4  and  4;  1865,  4.  Dividend 
Months,  January  and  July.  Discount  Days,  Wednesday  and  Satur- 
day. Market  price,  108. 


23.  THE  IRVING  BANK,  No.  295  Greenwich  street,  New  York. 
Capital,  $500,000  ;  Circulation,  $39,000.  President,  John  Castree  ; 
Cashier,  Daniel  V.  H.  Bertholf ;  Notary  Public,  Theodore  Hinsdale. 

Directors. 

John  Castree,  Isaac  Odell,  J.  T.  Wilson,  John  Romer,  V.  L. 
Buxton,  Harvey  P.  Farrington,  Charles  Burkhalter,  Herman  H. 
Brunjes,  Hector  Armstrong,  William  A.  Thomson,  David  B.  Moses. 

Bank  Dividends. — 1864,  3£  and  4  per  cent,  semi-annually;  1865, 
4.  Dividend  Months,  January  and  July.  Discount  Dayt,  Tuesday 
and  Friday.  Market  price,  100. 


BANKS    OP    NEW   YORK.  193 

24.  THE  LEATHER  MANUFACTURERS'  BANK,  No.  29  Wall  street 
New  York.  Capital,  $600,000 ;  Circulation,  none.  President,  Wil- 
liam II.  Macy ;  Cashier,  Nicholas  F.  Palmer ;  Notary  Public,  Jona- 
than S.  Ely. 

Directors. 

William  H.  Macy,  James  Meinell,  Jonathan  Thome,  John  P. 
Nesmith,  William  H.  Russell,  Richard  P.  Bruff,  William  Depew,  R. 
A.  Witthaus,  R.  Sands  Tucker,  Sidney  Mason,  Joseph  V.  Onativia, 
James  Fraser,  H.  W.  Gray. 

Bank  Dividends. — 1861,1862,  1863,  1864,  5  per  cent,  semi-an- 
nually ;  1865,  6.  Dividend  Months,  August  and  February.  Discount 
Days,  Tuesday  and  Friday.  Market  price,  171. 


25.  THE  MANHATTAN  COMPANY,  No.  40  Wall  street,  New  York. 
Capital,  $2,050,000;  Circulation,  $17,000.  President,  James  M. 
Morrison  ;  Cashier,  John  S.  Harberger  ;  Assistant- Cashier,  Edward 
A.  Reid:  Notary  Public,  J.  Lawrence  Slosson. 

Directors. 

James  M.  Morrison,  George  W.  Blunt,  Edmund  Penfold,  Edwin 
Hoyt,  James  Warren,  Andrew  Mount,  G.  D.  H.  Gillespie,  George  S. 
Stephenson,  John  K.  Myers,  William  Hoge,  William  C.  Lambert. 

Bank  Dividends. — 1861,  5  and  4  per  cent. ;  1862,  4  and  4 ;  1863, 
4  and  4;  1864,  5  and  5  ;  1865,  5.  Dividend  Months,  February  and 
August.  Market  price,  135. 


26.  THE  MANUFACTURERS  AND  MERCHANTS'  BANK,  No.  563  Broad- 
way, New  York.  Capital,  $500,000 ;  Circulation,  $2,000.  President, 
Abram  Ives ;  Cashier,  A.  Masterton  ;  Notary  Public,  J.  K.  Hackett. 

Directors. 

Abram  Ives,  E.  V.  Haughwout,  Wardrop  J.  Hall,  John  C.  John- 
son, John  S.  Mitchell,  Elias  Howe,  Jr.,  Henry  R.  Treadwell,  C.  B. 
Delapierre,  Allan  Hay,  A.  Masterton. 

Bank  Dividends.— 1862,  1863,  and  1864,  4  per  cent.;   1865,  4. 
9 


194  STOCK   EXCHANGE   MANUAL. 

Dividend  Months,  July  and  January.    Discount  Days,  Tuesday  and 
Friday.     Market  price,  101. 


27.  THE  MARINE  BANK,  No.  90  Wall  street,  corner  of  Water,  New 
York.  Capital,  $400,000 ;  Circulation,  $57,000.  President,  James 
D.  Fish ;  Vice-President,  Peter  D.  Collins ;  Cashier,  James  Dela- 
mater ;  Notary  Public,  William  L.  Taylor. 

Directors. 

James  D.  Fish,  Thomas  Williams,  Jr.,  Oliver  H.  Jones,  George 
Bulkley,  Joshua  Atkins,  Jr.,  James  W.  Elwell,  John  S.  Young, 
Peter  D.  Collins,  Henry  Barrow,  Sidney  Green,  Hiram  Benner. 
Ambrose  Snow,  J.  Nelson  Tappan,  Dudley  Haley,  John  N.  Quirk, 
William  Everdell,  Jr.,  Fritz  Brose,  Edmund  Titus,  John  W. 
Mott. 

Sank  Dividends. — 1861,  3£  per  cent. ;  1862,  8|,  and  $1  per 
share  ;  1863,  4  and  5 ;  1864,  6  and  6 ;  1865,  6.  Dividend  Months, 
February  and  August.  Discount  Days,  Tuesday  and  Friday.  Mar- 
ket price,  143. 


28.  THE  MARKET  BANK,  No.  286  Pearl  street,  New  York.  Capi- 
tal, $1,000,000;  Circulation,  $32,000.  President,  Robert  Bayles; 
Cashier,  Alexander  Gilbert ;  Notary  Public,  Theodore  H.  Lane. 

Directors. 

Benjamin  H.  Ho  well,  Daniel  T.  Willets,  Thomas  Rowe,  Abraham 
Leggett,  Amos  Robbins,  Henry  Lyles,  Jr.,  Joseph  P.  Wickham, 
Charles  H.  Rogers,  Baldwin  N.  Fox,  John  M.  Bruce,  Jr.,  William  H. 
Goodwin,  George  B.  Whitfield,  Henry  Rowland,  Thomas  J.  Owen, 
Robert  Bayles,  James  L.  Harway. 

Bank  Dividends.— 1861,  1862,  3  and  3  per  cent. ;  1863,  3  and  4  ; 
1864, 4  and  4.  Dividend  Months,  January  and  July.  Discount  Days, 
Tuesday  and  Friday.  Market  price,  106. 


BANKS    OF    NEW    YOKK.  195 

29.  MECHANICS'  BANK,  No.  33  Wall  street,  New  York.  Capital, 
$2,000,000;  Circulation,  $51,000.  President,  Shepherd  Kuapp; 
Vice-President,  Richard  Irvin  ;  Cashier,  Wm.  H.  Cox  ;  Notary  Pub- 
lic, W.  Q.  Riddle 

Directors. 

Shepherd  Knapp,  Thomas  C.  Chardavoyne,  Ambrose  C.  Kings- 
land.,  Richard  Irvin,  Francis  Hall,  John  Bullard,  Jr.,  William  Cham- 
berlain, Cyrus  Curtiss,  Henry  F.  Spaulding,  George  Mosle,  Thomas 
F.  Youngs,  Hugh  N.  Camp,  George  Moke,  George  Palen. 

Bank  Dividends. — 1865,  5  ;  Dividend  Months,  February  and  Au- 
gust. Market  price,  1 10. 


30.  THE  MECHANICS'  BANKING  ASSOCIATION,  No.  38  Wall  street, 
New  York.  Capital,  $500,000.  President,  James  H.  Fonda  ;  Cash- 
ier, Franklin  Chandler;  Notaries  Public,  Baldwin  &  Farnham. 

Directors. 

James  H.  Fonda,  Wyllis  Blackstone,  Nathaniel  W.  Chater,  Ezra 
R.  Goodridge,  Melancthon  M.  Freeman,  John  T.  B.  Maxwell,  Ralph 
Mead,  John  Randall,  Mason  Thomson,  William  M.  Vermilye,  Edward 
A.  Quintard. 

Bank  Dividends. — 1861,  3|and  3  per  cent. ;  1862,  3  and  3  ;  1863, 
8£  and  4  ;  1864,  4.  Dividend  Months,  May  and  November.  Dis- 
count Days,  Tuesday  and  Friday.  Market  price,  98. 


31.  THE  MECHANICS  AND  TRADERS'  BANK,  No.  153  Bowery,  New 
York.  Capital,  $600,000  ;  Circulation,  $205,000.  President,  Eph- 
raim  D.  Brown  ;  Vice-President,  Samuel  T.  Brown  ;  Cashier,  George 
W.  Youle  ;  Notary  Public,  George  L.  Walton. 

Directors. 

William  Dennistoun,  F.  Haines,  R.  M.  Field,  D.  B.  Keeler,  Isaac 
Walton,  J.  M.  Mills,  E.  D.  Brown,  John  Palmer,  Russell  Dart,  E.  L. 
Walton,  Stephen  Valentine,  William  Forgay,  Samuel  T.  Brown. 


190  STOCK   EXCHANGE   MANUAL. 

Bank  Dividends. — 1863  and  1864,  4  per  cent.  Dividend  Months, 
May  and  November.  Discount  Days,  Tuesday  and  Friday.  Market 
price,  98. 


32.  THE  MERCANTILE  BANK,  No.  191  Broadway,  corner  of  Dey 
street,  New  York.  Capital,  $1,000,000 ;  Circulation,  $4,000.  Pre- 
sident, Daniel  H.  Arnold ;  Cashier,  Eli  J.  Blake ;  Notary  Public, 
Charles  A.  Davison. 

Directors. 

Daniel  II.  Arnold,  Isaac  N.  Phelps,  Joseph  Stuart,  Charles  P. 
Burdett,  Norman  White,  William  H.  Smith,  George  Mcrritt. 

Bank  Dividend. — 1865,  5  per  cent.  Dividend  Months,  January 
and  July.  Market  price,  125. 


33.  THE  MERCHANTS'  BANK,  No.  42  Wall  street,  New  York. 
Capital,  $2,797,062 ;  Circulation,  $52,000.  President,  Augustus  E. 
Silliman;  Vice- President,  Benjamin  B.  Sherman;  Cashier,  Jacob 
D.  Vermilye  ;  Notary  Public,  Andrew  H.  Sands. 

Director «. 

Augustus  E.  Silliman,  Benjamin  B.  Sherman,  John  Auchincloss, 
Robert  L.  Maitland,  William  H.  Townsend,  Gustav  Schwab,  Alex- 
ander T.  Stewart,  Edward  F.  Sanderson,  William  A.  Hadden,  Joseph 
Gaillard,  Jr. 

Bank  Dividends. — 1861,  3  and  3  per  cent. ;  1862,  3  and  3  ;  1863, 
8|  and  3£  ;  1864,  4.  Dividend  Months,  June  and  December.  Dis- 
count Days,  Tuesday  and  Friday.  Market  price,  110. 


34.  THE  MERCHANTS'  EXCHANGE  BANK,  No.  257  Broadway,  New 
York.  Capital,  $1,235,000;  Circulation,  $20,000.  President,  James 
Barnes ;  Cashier,  Edward  J.  Oakley ;  Notary  Public,  John  Raymond. 

Directors, 
James  Barnes,  Daniel  C.  Kingsland,  William  A.  Thomson,  Dudley 


BANKS    OF   NEW   YORK.  197 

S.  Gregory,  John  J.  Van  Nostrand,  Charles  F.  Park,  Edward  Els- 
worth,  Jesse  Hoyt,  John  M.  Davies,  Gilbert  L.  Beeckman,  Eugene 
O'Sullivan,  Hermann  Stursberg. 

Bank  Dividends. — 1861,  3£  and  3  per  cent.;  1862,  3  and  3; 
1863,  3  and  3£;  1864,  3£  and  4  ;  1865,  4.  Dividend  Months,  Jan- 
uary and  July.  Discount  Days,  Wednesday  and  Saturday.  'Market 
price,  98. 


35.  THE  METROPOLITAN  BANK,  No.  108  Broadway,  New  York. 
Capital,  $4,000,000;  Circulation,  $176,000.  President,  John  E. 
Williams ;  Cashier,  George  I.  Seney ;  Notaries  Public,  Varnum 
&  Turney. 

Directors. 

John  E.  Williams,  Henry  L.  Pierson,  Thomas  Small,  Solon 
Humphreys,  Francis  M.  Babcock,  Augustus  C.  Richards,  Isaac  H. 
Bailey,  George  A.  Bobbins,  James  K.  Place,  George  F.  Thomae, 
William  H.  Lee,  Charles  Abernethy,  Robert  B.  Minturn,  Jr.,  Daniel 
W.  James,  E.  C.  Cowdin. 

Bank  Dividends. — 1801,  4  and  3  per  cent. ;  1862,  3  and  3  ;  1863, 
4  and  7  ;  1864,  4  and  5  ;  1865,  5.  Dividend  Months,  January  and 
July.  Discount  Days,  Tuesday  and  Friday.  Market  price,  115. 


86.  THE  NASSAU  BANK,  No.  11  Beekman  street,  New  York. 
Capital,  $1,000,000;  Circulation,  $5,000.  President,  Hamilton 
Blydenburgh ;  Vice-President,  Augustine  Smith ;  Cashier,  Francis  M. 
Harris  ;  Notary  Public,  John  Oakey. 

Directors. 

Hamilton  Blydenburgh,  James  C.  Bell,  C.  T.  Cromwell,  William 
E.  Dean,  Charles  G.  Harmer,  Wilson  G.  Hunt,  David  Jones,  L.  S. 
Lawrence,  William  Miles,  Addington  Reed,  Enos  Richardson,  Augus- 
tine Smith,  Henry  Suydam,  Edmund  Thompson,  Francis  M.  Harris. 

Bank  Dividends. — 1861,  3£  and  3  per  cent.;  1862,  3  and  3|; 
1863,  3|  and  3£;  1864,  4.  Dividend  Months,  May  and  November. 
Market  price,  107. 


198  STOCK   EXCHANGE   MANUAL. 

37.  THE  NATIONAL  BANK,  No.  36  Wall  street,  New  York.  Capi- 
tal,  $1,500,000 ;  Circulation,  $18,000.  President,  James  Gallatin  ; 
Vice- President,  Adrian  Iselin  ;  Cashier,  Frederick  D.  Tappeu ;  Notary 
Public,  Alexander  R.  Rodgers. 

Directors. 

James  Gallatin,  Adrian  Iselin,  0.  H.  P.  Noyes,  Francis  Tomes, 
Jr.,  W.  R.  Renwick,  John  Armstrong,  J.  Couper  Lord,  Ernest  Caylus. 

Bank  Dividend. — 1865,  5  per  cent.  Dividend  Months,  April  and 
October.  Market  price,  100. 


38.  THE  NEW  YORK  COUNTY  BANK,  corner  of  Eighth  avenue  and 
Fourteenth  street,  New- York.  Capital,  $200,000;  Circulation, 
$109,000.  President,  Francis  Leland ;  Cashier,  Isaac  G.  Ogden ; 
Notary  Public,  Augustus  Leland. 

Directors. 

Francis  Leland,  Ely  Hoppock,  Paul  Spofford,  C.  K.  Sutton,  J. 
Park,  Jr.,  F.  L.  Leland,  James  Barnes,  Edward  Haight,  L.  H. 
Holmes,  A.  C.  Kingsland,  John  Pettigrew. 

Bank  Dividends. — 1861,  3£  and  3  percent. ;  1862,  3  and  3;  1863, 
8£  and  5  ;  1864,  5  and  6  ;  1865,  6.  Dividend  Months,  January  and 
July.  Discount  Day,  Tuesday. 


39.  THE  NEW  YORK  DRY  DOCK  BANK,  corner  of  Avenue  D  and 
10th  street,  New  York.  Capital,  $200,000  ;  Circulation,  $23,000. 
President,  William  H.  Hays  ;  Cashier,  Thomas  J.  Lockwood  ;  Notary 
Public,  A.  C.  Anderson. 

Directors. 

George  Law,  William  H.  Hays,  John  S.  Hunt,  C.  A.  Waterhury, 
Jacob  Hays,  J.  P.  Cummings,  James  Murphy,  William  P.  Buckmaster. 

Bank  Dividend. — 1865,  3  per  cent.  Dividend  quarterly.  Market 
price,  110. 


BANKS    OF    NEW  YORK.  199 

40.  THE  NORTH  RIVER  BANK,  No.  187  Greenwich  street,  corner 
of  Dey,  New  York.  Capital,  $400,000;  Circulation,  $22,000 
President,  Levi  Apgar ;  Cashier,  Aaron  B.  Hays  ;  Notary  Public, 
William  Apgar. 

Directors,  elected  July,  1864. 

Levi  Apgar,  C.  V.  B.  Ostrander,  Joseph  Brokaw,  M.  T.  Bunn, 
J.  F.  Pupke,  Augustus  Seeley,  William  H.  Hays,  Jay  L.  Adams, 
Allan  Hay,  G.  W.  Elder,  William  G.  Sterling. 

Bank  Dividends.— 1861,  4|  and  3|  per  cent.;  1862,  3£;  1863, 
3|  and  8| ;  1864,  3^  and  5  ;  1865,  5.  Dividend  Months,  January 
and  July.  Discount  Days,  Wednesday  and  Saturday.  Market 
price,  112. 


41.  THE  OCEAN  BANK,  corner  of  Greenwich  and  Fulton  streets, 
New  York.  Capital,  $1,000,000;  Circulation,  $32,000.  President, 
David  Randolph  Martin ;  Cashier,  Charles  Palmer  ;  Notary  Public, 
Henry  Palmer. 

Directors,  elected  August,  1864. 

D.  Randolph  Martin,  John  Boyce,  Robert  Haydock,  Parker 
Handy,  James  M.  Benedict,  David  Wagstaff,  John  Castree,  Albert 
A.  Martin,  Philip  Dater,  Coe  Adams. 

Bank  Dividends. — 1863,  3£  and  3£  per  cent.;  1864,4  and  4 ; 
1865,4.  Dividend  Months,  February  and  August.  Discount  Days, 
Wednesday  and  Saturday.  Market  price,  90. 


42.  THE  ORIENTAL  BANK,  No.  122  Bowery,  corner  of  Grand 
street,  New  York.  Capital,  $300,000;  Circulation,  $155,000. 
President,  Joseph  M.  Price  ;  Cashier,  Washington  A.  Hall ;  Notary 
Public,  W.  T.  Chapman,  Jr. 

Directors,  elected  August,  1864. 

Joseph  M.  Price,  Charles  Tuttle,  Stephen  R.  Halsey,  Augustus 
Weismann,  Jeremiah  L.  Sackett,  Charles  L.  Stickney,  Thomas 


200  STOCK   EXCHANGE  MANUAL. 

Kennedy,  George  C.  Lugar,  James  L.  Jackson,  Charles  F.  Goodhue, 
Samuel  Tryon,  William  A.  Freeborn,  John  Polhamus,  Robert  Bils- 
borrow,  David  H.  McAlpin,  W.  A.  Hall. 

Bank  Dividends. — 1861,  3|  and  3  per  cent. ;  1862,  3  and  3  ;  18G3, 
3  and  3| ;  1864,  3£  and  4  ;  1865,  5.  Dividend  Months,  February 
and  August.  Discount  Days,  Wednesday  and  Saturday.  Market 
price,  103|. 


43.  THE  PACIFIC  BANK,  No.  470  Broadway,  New  York.  Capital, 
$422,700;  Circulation,  $80,000.  President,  Jacob  Campbell;  Vice- 
President,  John  A.  Merritt ;  Cashier,  Robert  Buck  ;  Notary  Public, 
Richard  C.  Fellows. 

Directors. 

Jacob  Campbell,  John  A.  Merritt,  Jesse  A.  Marshall,  George  R. 
Jackson,  E.  Beadleston,  Henry  Weil,  James  D.  Fitch,  David  L. 
Youngs,  Charles  L.  Tiffany,  E.  H.  Pray,  EJisha  Brooks,  John  H. 
Contoit,  William  Smith. 

Bank  Dividends. — 1864,  5  and  5.  Dividend  Months,  June  and 
December.  Market  price,  168. 


44.  THE  PEOPLE'S  BANK,  corner  of  Canal  and  Thompson  streets, 
New  York.  Capital,  $412,500;  Circulation,  $13,000.  President, 
Charles  F.  Hunter  ;  Cashier,  Gilbert  L.  Crowell. 

Directors,  elected  June,  1864. 

Charles  F.  Hunter,  George  Opdyke,  John  A.  C.  Gray,  Albert  C. 
Zabriskie,  Matthias  Clark,  John  W.  Lewis,  Simon  Shindler,  William 
M.  Wilson,  Thomas  Williams,  Matthias  Bloodgood,  John  B.  Spaflbrd, 
Edward  D.  Nelson,  George  Sloane. 

Bank  Dividends. — 1861,  1862,  and  1863,  3-fr  per  cent,  semi-an- 
nually;  1864,4  and  4;  1865,4.  Dividend  Months,  January  and 
July.  Discount  Days,  Tuesday  and  Friday.  Market  price,  111. 


BAXKS    OF   NEW   YORK.  201 

45.  THE  PHENIX  BANK,  No.  45  Wall  street,  New  York.  Capital, 
$1,800,000 ;  Circulation,  $23,000.  President,  Peter  M.  Bryson  ; 
Cashier,  John  Parker ;  Notary  Public,  Elijah  H.  Hiker. 

Directors,  elected  July,  1864. 

Moses  H.  Grinnell,  Thomas  W.  Gale,  Joshua  J.  Henry,  Israel 
Corse,  William  Bryce,  William  F.  Gary,  Eugene  Dutilh,  B.  F.  Daw- 
son,  Elias  Ponvert,  James  Low,  Simon  De  Visser,  Peter  M.  Bryson, 
John  F.  Schepeler,  J.  Pierpont  Morgan. 

Sank  Dividends. — 1861,  3|  and  3  per  cent. ;  1862,  3  and  3  ;  1863, 
3|  and  3| ;  1864,  4  and  4  ;  1865,  5.  Dividend  Months,  January  and 
July.  Discount  Days,  Wednesday  and  Saturday.  Offering  Days, 
Tuesday  and  Friday.  Market  price,  105. 


46.  THE  SAINTT  NICHOLAS  BANK,  No.  7  Wall  street,  New  York. 
Capital,  $750,000;  Circulation,  $65,000.  President,  William  R. 
Fosdick ;  Cashier,  Archibald  Parkhurst ;  Notary  Public,  Bobbins 
Little. 

Directors,  elected  November,  1864. 

Caleb  Barstow,  William  R.  Fosdick,  J.  Lee  Smith,  William  D. 
Thompson,  D.  Henry  Haight,  Albert  0.  Parmelee,  Andrew  Corn- 
stock,  Charles  Dimon,  Joseph  Willets,  Joshua  L.  Pope,  H.  A. 
Schleicher,  Peter  Duryee,  John  H.  Earle,  William  Parker. 

Bank  Dividends.— 1862,  3|  per  cent.;  1863,  3|  and  4;  1864,  4 
and  4 ;  1865,  5.  Dividend  Months,  February  and  August.  Discount 
Days,  Wednesday  and  Saturday.  Market  price,  98. 


47.  THE  SHOE  AND  LEATHER  BANK,  No.  272  Broadway,  New  York. 
Capital,  $1,500,000  ;  Circulation,  $257,000.  President,  Andrew  V. 
Stout ;  Vice- President,  Josiah  Oakes ;  Cashier,  William  A.  Kissam  ; 
Notary  Public,  John  H.  Stout. 

Directors 

Andrew  V.  Stout,  Josiah  Oakes,  Leonard  C.  Dewing,  Benjamin 
F.  Beekman,  William  Seligman,  Benjamin  F.  Breeden,  John  B. 
9* 


202  STOCK   EXCHANGE   MANUAL. 

Dickinson,   Thomas   Carlton,   George   M.   Groves,  Matthew  Bird, 
Francis  J.  Clark,  Nathan  T.  Porter,  James  L.  Stewart. 

Bank  Dividends. — 1864,  4  and  4  per  cent.  Dividend  Months, 
April  and  October.  Discount  Days,  Tuesday  and  Friday.  Market 
price,  107. 


48.  THE  UNION  BANK,  No.  34  Wall  street,  New  York.  Capital, 
$1,500,000;  Circulation,  $20,000.  President,  Edward  H.Arthur; 
Vice-P resident,  Henry  Coit ;  Cashier,  James  M.  Lewis;  Notaries 
Public,  Phelps  &  Knevals. 

Directors. 

Edward  H.  Arthur,  Lewis  Curtis,  John  Caswell,  James  L.  Sturges, 
John  H.  Mortimer,  Ephraim  L.  Corning,  Henry  Coit,  William 
Augustus  White,  A.  Le  Moyne,  G.  G.  Smith,  William  B.  Isham. 

Bank  Dividends. — 1861,  3  and  3  per  cent. ;  1862,  3  and  4;  1863, 
4  and  5  ;  1864,  5.  Dividend  Months,  May  and  November.  Discount 
Days,  Tuesday  and  Friday.  Market  price,  115. 


NATIONAL  BANKS  OF  THE  CITY  OF  NEW  YORK. 


1.  THE  FIRST  NATIONAL  BANK  OF  NEW  YORK,  No.  140  Broadway, 
New  York.  Capital,  $500,000.  President,  Samuel  C.  Thompson ; 
Cashier,  James  Curphey;  Assistant- Cashier,  George  F.  Baker; 
Notary  Public,  George  F.  Baker. 

Directors. 

Samuel  C.  Thompson,  Frederick  F.  Thompson,  George  M.  Snow, 
Charles  Blondell,  George  F.  Baker. 

Bank  Dividend.— 1865,  10  per  cent.     Market  price,  205. 


BANKS    OF   NEW   YOKK.  203 

2.  THE  SECOND  NATIONAL  BANK  OF  NEW  YORK,  Fifth  Avenue 
Hotel  Building,  corner  Fifth  Avenue  and  23d  street.  Capital, 
$300,000,  With  privilege  of  increasing  to  $1,000,000.  President, 
Henry  A.  Huribut ;  Cashier,  Albert  G.  Allen. 

Directors. 

John  J.  Phelps,  William  Y.  Brady,  Paran  Stevens,  John  Caowell, 
Isaac  N.  Phelps,  0.  DeForest  Grant,  Thomas  Tileston,  Amos  R.  Eno, 
Henry  A.  Huribut. 

Market  price,  112. 


3.  THE  THIRD  NATIONAL  BANK  OF  NEW  YORK,  No.  5  Nassau 
street,  New  York.  Capital,  $1,000,000.  President,  J.  F.  D.  Lanier ; 
Vice-Presidents,  C.  V.  Culver  and  Parker  Handy  ;  Cashier,  Conrad 
N.  Jordan. 

Directors. 

J.  F.  D.  Lanier,  C.  V.  Culver,  James  Winslow,  L.  H.  Culver, 
Charles  Lanier,  Peter  McMartin,  Gaylord  Church,  Parker  Handy. 


4.  THE  FOURTH  NATIONAL  BANK  OF  NEW  YORK.  Capital, 
$2,000,000.  President,  Morris  Ketchum.  Vice- President,  P.  C. 
Calhoun;  Cashier,  Daniel  W.  Vaughan ;  Assistant- Cashier,  Anthony 
Lane. 

Directors,  elected  January,  1865. 

Morris  Ketchum,  Edwin  Hoyt,  Joseph  Stewart,  John  M.  Furman, 
C.  L.  Anthony,  T.  G.  Churchill,  Joseph  B.  Hoyt,  Henry  Swift,  P.  C. 
Calhoun. 

Bank  Dividend. — 1865,  5.  Dividend  Months,  March  and  Septem- 
ber. Market  price,  90. 


5.  THE  FIFTH  NATIONAL  BANK  OF  NEW  YORK.  Capital,  $150,- 
000.  President,  Richard  Kelly ;  Cashier,  Andrew  Thompson ;  Notary 
Public,  Edmund  Stephenson. 


204  STOCK   EXCHANGE   MANUAL. 

Directors. 

Napoleon  J.  Haines,  E.  Delafield  Smith,  Francis  W.  Haiues,  H. 
H.  Robertson,  D.  D.  T.  Marshall,  T.  W.  Decker,  Sidney  P.  Nichols, 
Henry  R.  David. 


6.  THE  SIXTH  NATIONAL  BANK  OF  NEW  YORK,  corner  of  Broad- 
way, Sixth  Avenue  and  35th  street.  Capital,  $200,000,  with  pri- 
vilege of  increasing  to  $1,000,000.  President,  Cassius  Darling; 
Vice-President,  George  G.  Haven ;  Cashier,  John  W.  B.  Dobler. 

Directors. 

Cassius  Darling,  Francis  Leland,  Paul  Spofford,  Edward  Haight, 
George  G.  Haven. 


7.  THE  NEW  YORK  NATIONAL  EXCHANGE  BANK,  No.  186  Green- 
wich street,  New  York.  Capital,  $300,000.  President,  Selah  Van 
Duzer  ;  Vice- President,  Lawrence  M.  Luther ;  Cashier,  Daniel  B. 
Halstead. 

Directors. 

Selah  Van  Duzer,  Lawrence  M.  Luther,  Robert  J.  Hunter,  Henry 
Dexter,  John  S.  Martin,  Daniel  B.  Halstead. 


8.  THE  EIGHTH  NATIONAL  BANK  OF  NEW  YORK,  No.  650  Broad- 
way. Capital  paid  up,  $250,000.  President,  Edward  C.  Robinson  ; 
Cashier,  Charles  Hudson ;  Notary  Public,  John  Fowler,  Jr. 

Directors. 

Edward  C.  Robinson,  J.  Trumbull  Smith,  €.  G.  Cornell,  Benjamin 
T  Sealey,  Conrad  Braker,  Jr.,  William  S.  Corwin,  Thomas  McLel- 
land,  John  S.  Martin,  Robert  Dunlap. 


9.  THE  NINTH  NATIONAL  BANK  OP  NEW  YORK,  No.  363  Broad- 
way. Capital,  $1,000,000.  President,  Joseph  TJ.  Orvis;  Cashier, 
John  T.  Hill ;  Notary  Public,  Solomon  L.  Hull. 


BANKS    OF   NEW    YORK.  205 

Directors,  elected  January,  1865. 

William  A.  Kobbe,  Thomas  A.  Vyse,  Jr.,  George  A.  Wicks, 
Barnet  L.  Solomon,  George  A.  Fellows,  Solomon  L.  Hull,  Charles 
Minzesheimer,  J.  0.  Whitehouse,  Joseph  TJ.  Orvis. 


10.  THE  TENTH  NATIONAL  BANK  OP  NEW  YORK,  No.  240  Broad- 
way. Capital,  $1,000,000.  Commenced  April  1st,  1864.  President, 
Daniel  L.  Ross ;  Cashier,  John  H.  Stout. 

Directors. 

J.  T.  Sanger,  E.  L.  Fancher,  John  Elliott,  Lewis  Einstein,  John 
Falconer,  Henry  J.  Baker,  Albert  G.  Lee,  Daniel  L.  Ross,  N.  K. 
Rosenfeld,  Charles  G.  Barrett,  Edwin  Knowlton,  Jacob  H.  Dater. 


11.  THE  NATIONAL  CURRENCY  BANK  OP  NEW  YORK,  No.  1  Wall 
street.  Capital,  $100,000.  President,  F.  Granger  Adams ;  Vice- 
President,  Frederick  F.  Thompson  ;  Cashier,  N.  Y.  White ;  Assist- 
ant-Cashier, H.  D.  Wiltbank. 

Directors. 

F.  Granger  Adams,  Frederick  F.  Thompson,  Samuel  C.  Thomp- 
son, J.  M.  Williams,  Ebenezer  ScoHeld. 


12.  THE  CENTRAL  NATIONAL  BANK  OF  THE  CITY  OF  NEW  YORK, 
No.  318  Broadway,  corner  of  Pearl  street.  Capital,  $2,000,000. 
President,  Henry  A.  Smythe ;  Cashier,  William  H.  Foster. 

Directors. 

Henry  A.  Smythe,  Horace  B.  Claflin,  F.  W.  Coggill,  Charles  G. 
Landon,  Francis  Skiddy,  S.  Bernheimer,  George  F.  Butmau,  N.  A. 
Baldwin,  Gustavus  Kutter. 

Bank  Dividend.— 1865,  7  per  cent.  Dividend  Months,  March  and 
September.  Market  price,  99£. 


206  STOCK   EXCHANGE   MANUAL. 

13.  THE  NATIONAL  BANK  OF  COMMERCE  OF  NEW  YORK,  No.  31 
Nassau  street,  corner  of  Cedar.  Capital,  $10,000,000.  President, 
John  A.  Stevens ;  Vice-President,  Robert  Ray ;  Cashier,  Henry  G. 
Vail;  Assistant- Cashier,  Richard  King;  Notary  Public,  Leslie 
Irving. 

Directors,  December,  1864. 

John  A.  Stevens,  Robert  Ray,  Robert  B.  Minturn,  Charles  H. 
Russell,  Joseph  Sampson,  George  T.  Adee,  John  C.  Green,  Edwin 
D.  Morgan,  Adam  Norrie,  Abiel  A.  Low,  Robert  Lennox  Kennedy, 
Richard  W.  Weston,  Denning  Duer. 

Bank  Dividends.— 1861,  3  and  3  per  cent. ;  1862,  3  and  3  ;  1863, 
'6\  and  4  ;  1864,  4  and  4  ;  1865,  4.  Dividend  Months,  January  and 
July.  Market  price,  100. 


14.  THE  NATIONAL  BANK  OF  BROADWAY,  No.  237  Broadway, 
corner  of  Park  Place,  New  York.  Capital,  $1,000,000.  President, 
Francis  A.  Palmer ;  Cashier,  John  L.  Ereritt ;  Notary  Public, 
William  S.  Hascall. 

Directors,  December,  1864. 

Francis  A.  Palmer,  John  Bodine,  John  S.  Harris,  Helmas  M. 
Wells,  Francis  P.  Schoals,  George  W.  Platt,  John  R.  Lawrence, 
George  C.  Peters,  Francis  P.  Furnald,  Charles  Burkhalter,  Joseph 
Rudd,  William  A.  Hall,  James  Irwin,  Daniel  Devlin,  Henry  L. 
Koguet,  Warren  Harriot,  Jonathan  W.  Allen. 

Bank  Dividends. — 1864,  10  per  cent.  ;  1865,  10.  Dividend 
Months,  January  and  July.  Market  price,  200. 


15.  THE  NATIONAL  PARK  BANK,  No.  4  Beekman  street.  Capi- 
tal, $2,000,000.  President,  William  K.  Kitchen  ;  Cashier,  James  L. 
Worth  ;  Notary  Public,  John  Townsend,  Jr. 

.       Directors,  elected  July,  1864. 

William  K.  Kitchen,  William  H.  Fogg,  Joseph  E.  Bulkley,  John 
H.  'Macy,  Oliver  Hoyt,  George  J.  Bird,  Melvin  S.  Whitney,  George 


BANKS    OF   NEW   YOKK.  207 

H.   Potts,  Peter  Hayden,  Arthur  Leary,  Jackson  S.  Schultz,  Johr. 
Townsend,  Jr.,  Hull  Clark,  Eugene  Kelly,  William  T.  Blodgett. 

Bank  Dividends.— 1861,  4  and  4  per  cent;  1862,  4  and  4;  1863, 
4  and  5  ;  1864,  15  and  5  ;  1865,  5.  Dividend  Months,  January  and 
July.  Market  price,  140. 


16.  THE  AMERICAN  NATIONAL  BANK,  74  Broadway.     Capital, 
),000.      President,    Noah  L.   Wilson;    Vice- President,   D.   W. 
Vaughan  ;  Cashier,  Alfred  A.  Post.  , 

Directors. 

Noah  L.  Wilson,  David  Gibson,  Wm.  F.  Roelofson,  L.  A.  Bige 
low,  J.  H.  Holcomb,  D.  W.  Vaughan,  W.  H.  Russell. 


17.  THE  TRADESMEN'S  NATIONAL  BANK,  No.  291  Broadway, 
corner  of  Reade  street,  New  York.  Capital,  $1,000,000 ;  Circulation, 
$329,900.  President,  Richard  Berry ;  Cashier,  Anthony  Halsey ; 
Notary  Public,  John  Drake. 

Directors. 

Richard  Berry,  Daniel  H.  Brooks,  Ebenezer  Cauldwell,  William 
C.  Dougherty,  Philander  Hanford,  Irad  Hawley,  Samuel  I.  Hunt, 
Samuel  Milbank,  George  Palen,  Thomas  W.  Pearsall,  Richard  A. 
Reading,  William  N.  Seymour,  Samuel  T.  Skidmore. 

Bank  Dividends.— 1861,  4  and  3  per  cent.;  1862,  3  and  3f; 
1863,  3£  and  4;  1864,  5  and  6;  1865,  6.  Dividend  Months,  Jan- 
uary  and  July.  Market  price,  115. 


CHAPTEE  IT. 

AMERICAN  GOLD. 

I. 
HISTORY   OF   GOLD. 

GOLD  has  been  a  favorite  article  to  gamble  in  ;  it 
has  been  forced  up  and  down  by  those  tricks  and 
devices  that  are  so  well  understood  at  the  Stock  Board. 
The  reverses  of  Federal  arms  have  been  used  by  the 
operators  for  an  advance  to  send  it  up,  and  the  military 
successes  have  been  turned  to  the  advantage  of  those 
who  are  interested  in  a  decline.  When  the  Banks 
and  the  Government  suspended  specie  payments,  and  a 
new  standard  of  value  was  created  in  the  legal-tender 
act,  gold  and  silver,  whose  legal  value  had  been  fixed  by 
the  same  authority,  became  an  article  of  traffic  subject 
to  the  influences  that  have  the  control  of  the  market, 
and  yet  unfortunately  everything  necessary  for  use  or 
consumption  was  made  to  follow  their  upward  tendency, 
as  if  they  were  still  the  proper  and  only  regulator  of 
prices. 

The  currency  was  expanded,  and  in  a  short  time,  say 
in  about  three  months,  there  began  to  be  a  small 
premium  oh  gold.  In  June,  1862,  it  had  advanced  to 


AMERICAN   GOLD.  209 

2£  per  cent,  and  from  that  time  rose  rapidly.  The 
Government  continued  to  issue  greenbacks  to  meet  the 
pressing  exigencies  of  the  war  ;  the  banks  issued  their 
notes  to  increase  their  dividends ;  and  between  them 
both,  on  the  first  day  of  December,  1862,  they  had 
carried  the  premium  up  to  33&  per  cent. 

The  credit  of  every  Government  is  more  or  less 
depressed  in  time  of  war.  It  has  always  been  and 
always  must  be  so.  The  expenditures  are  vast,  the 
consumption  of  capital  rapid,  the  duration  of  the 
contest  always  uncertain,  the  fortune  of  war  constantly 
varying,  and  the  final  results  unknown  ;  it  is  not  possible 
that  the  public  credit  should  be  unaffected  by  such 
adverse  circumstances,  and  this  must  be  especially  true 
of  a  Government  suddenly  plunged  in  the  most  fearful 
conflict  in  human  history.  The  wonder  is  not  that  the 
credit  of  the  nation  suffered  so  much,  but  that  it  suffered 
so  little  that  the  capitalists  of  the  country  responded 
so  cheerfully  and  heartily. 

The  natural  fluctuations  of  gold  were  interfered 
with  to  a  considerable  extent  by  the  movement  of 
speculators,  who  caused  the  prices  to  rise  to  a  very 
considerable  extent  above  what  the  mere  action  of 
paper  and  purely  commercial  agencies  would  have 
produced.  In  order  to  prevent  this  movement,  which  it 
was  supposed  was  undermining  the  national  credit, 
by  causing  a  large  apparent  difference  between  the 
Government  paper  and  the  metals,  the  following  law 
was  passed  by  the  Legislature  of  the  State  of  New  York : 

"Any  and  all  banks,  insurance  companies,  trust  com- 
panies, savings  institutions  and  other  moneyed  institu- 
tions shall  be  and  are  hereby  prohibited  from  making 
or  continuing  any  loan  or  loans  in  money  or  otherwise 


210  STOCK   EXCHANGE   MANUAL. 

upon  gold  coin  or  bullion,  or  any  paper  representation 
of  these,  or  either  of  them,  or  upon  any  foreign  bill  or 
bills  of  exchange  whatsoever,  under  the  penalty  of  a 
forfeiture  of  their  charter  or  articles  of  association,  as 
the  case  may  be,  and  any  such  loan  or  loans  so  made 
or  continued  to  be  made  shall  be  absolutely  void,  and 
no  action  for  the  recovery  thereof  shall  lie  in  or  be 
entertained  by  any  court  of  justice  of  the  State."  (Feb. 
18,  1863.) 

Congress,  March  3,  1863,  passed  an  act  as  follows: 

SEC.  4.  And  be  it  further  enacted,  That  all  contracts  for  the 
purchase  or  sale  of  gold  or  silver  coin  or  bullion,  and  all  contracts 
for  the  loan  of  money  or  currency  secured  by  pledge  on  deposit,  or 
other  disposition  of  gold  or  silver  coin  of  the  United  States,  if  to 
be  performed  after  a  period  exceeding  three  days,  shall  be  in 
writing  or  printed,  and  signed  by  the  parties  or  their  agents  or 
attorneys ;  and  shall  have  one  or  more  adhesive  stamps  as  provided 
in  the  act  to  which  this  is  an  amendment,  equal  in  amount  to  one 
half  of  one  per  cent,  and  interest  at  the  rate  of  six  per  centum  per 
annum  on  the  amount  so  loaned,  pledged  or  deposited.  And  if 
<iny  such  loan,  pledge,  or  deposit,  made  for  a  period  not  exceeding 
three  days,  shall  be  renewed,  or  in  any  way  extended  for  any  time 
whatever,  said  loan,  pledge  or  deposit  shall  be  subject  to  the  duty 
imposed  on  loans  exceeding  three  days.  And  no  loan  of  currency 
or  money  on  the  security  of  gold  or  silver  coin  of  the  United  States, 
as  aforesaid,  or  of  any  certificate  or  other  evidence  of  deposit  pay- 
able in  gold  or  silver  coin,  shall  be  made  exceeding  in  amount  the 
par  value  of  the  coin  pledged  or  deposited  as  security,  and  any  such 
loan  so  made  or  attempted  to  be  made  shall  be  utterly  void ;  pro- 
vided, that  if  gold  or  silver  coin  be  loaned  at  its  par  value,  it  shall 
be  subject  only  to  the  duty  imposed  on  other  loans ;  provided, 
however,  that  nothing  herein  contained  shall  apply  to  any  transac- 
tion by  or  with  the  Government  of  the  United  States. 

SEC.  5.  And  be  it  further  enacted,  That  all  contracts,  loans  or 
sales  of  gold  and  silver  coin  and  bullion,  not  made  in  accordance 
with  this  act  shall  be  wholly  and  absolutely  void,  and  in  addition  to 


AMERICAN   GOLD.  211 

the  penalties  provided  in  the  act  to  which  this  is  an  amendment, 
any  party  to  said  contract  may  at  any  time  within  one  year  from 
the  date  of  the  contract  bring  suit  before  any  court  of  competent 
jurisdiction  to  recover  back  for  his  own  use  and  benefit  the  money 
paid  on  any  contract  not  made  in  accordance  with  this  act. 

.These  laws,  passed  when  gold  was  at  the  highest,  of 
themselves  were  of  little  influence  in  stopping  a  rise. 
They  served,  however,  to  turn  the  current  of  specula- 
tion from  operation  for  a  rise  to  operation  for  a  fall, 
which  caused  gold  to  become  cheaper,  and  therefore  to 
favor  tlie  interest  of  those  who  sent  it  out  of  the  coun- 
try, thereby  producing  ultimately  a  greater  scarcity  of 
metals.  But  the  most  mischievous  effect  of  this  and 
similar  laws  is  to  chill  public  confidence  in  the  security 
of  property  and  the  rights  of  proprietors.  The  effect 
of  paper  money  cannot  be  legislated  away. 

Nevertheless  gold  was  rising,  and  now  came  the 
crowning  folly  of  financial  legislation.  Congress,  June 
17,  1864,  at  the  instance  of  the  Secretary  of  the  Treas- 
ury, passed  an  act  prohibiting  the  sale  of  gold  in  certain 
cases,  as  follows : 

Be  it  enacted  by  the  Senate  and  House  of  Representatives  of  the 
United  States  of  America  in  Congress  assembled,  That  it  shall  be 
unlawful  to  make  any  contract  for  the  purchase  or  sale  and  delivery 
of  any  gold  coin  or  bullion  to  be  delivered  on  any  day  subsequent 
to  the  day  of  making  such  contract,  or  for  the  payment  of  any  sum 
either  fixed  or  contingent  in  default  of  the  delivery  of  any  gold 
coin  or  bullion,  or  to  make  such  contract  upon  any  other  terms 
than  the  actual  delivery  of  such  gold  coin  or  bullion,  and  the  pay- 
ment in  full  of  the  agreed  price  thereof  on  the  day  on  which  such 
contract  is  made  in  United  States  notes  or  national  currency  and 
not  otherwise ;  or  to  make  any  contract  for  the  purchase  or  sale 
and  delivery  of  any  foreign  exchange  or  upon  any  other  terms  than 
the  actual  delivery  of  such  foreign  exchange,  within  ten  days 


212  STOCK    EXCHANGE    MANUAL. 

from  the  making  of  such  contract  and  the  immediate  payment  in 
full  of  the  agreed  price  thereof  on  the  day  of  delivery  in  United 
States  notes  or  national  currency;  or  to  make  any  contract  what- 
ever for  the  sale  and  delivery  of  any  gold  coin  or  bullion  of  which 
the  person  making  such  contract  shall  not,  at  the  time  of  making 
the  same,  be  in  actual  possession;  and  it  shall  be  unlawful  to  make 
any  loan  of  money  or  currency  not  being  in  coin,  to  be  repaid  in 
coin  or  bullion,  or  to  make  any  loan  of  coin  or  bullion  to  be  repaid 
in  money  or  currency  other  than  coin. 

SKC.  2.  And  be  it  further  enacted,  That  it  shall  be  further  un- 
lawful for  any  banker,  broker  or  other  person  to  make  anv  purchase 
or  sale  of  any  gold  coin  or  bullion,  or  of  any  foreign  exchange,  or 
any  contract  for  any  such  purchase  or  sale  at  any  other  place  than 
the  ordinary  place  of  business  of  either  the  seller  or  purchaser, 
owned  or  hired  and  occupied  by  him  individually,  or  by  a  partner 
ship  of  which  he  is  a  member. 

SEC.  3.  And  it  be  further  enacted,  That  all  contracts  made  in 
violation  of  this  act  shall  be  absolutely  void. 

SEC.  4.  And  it  be  further  enacted,  That  any  person  who  shall 
violate  any  provision  of  this  act  shall  beheld  guilty  of  misdemeanor, 
and  on  conviction  thereof  be  fined  in  any  sum  not  less  than  $1,000 
nor  more  than  $10,000,  or  be  imprisoned  for  a  period  not  less  than 
three  months  nor  longer  than  one  year,  or  both,  at  the  discretion 
of  the  court,  and  shall  likewise  be  subject  to  a  penalty  of  $1,000  for 
each  offence. 

SEC.  5.  And  it  be  further  enacted,  That  the  penalties  imposed 
by  the  fourth  section  of  this  act  may  be  recovered  in  an  action  at 
law  in  any  court  of  record  of  the  United  States,  or  any  court  of 
competent  jurisdiction,  which  action  may  be  brought  in  the  name 
of  the  United  States  by  any  person  who  will  sue  for  said  penalty, 
one  half  for  the  use  of  the  United  States,  and  the  other  half  for  the 
use  of  the  person  bringing  such  action,  and  the  recovery  and  satis- 
faction of  a  judgment  in  any  such  action  shall  be  a  bar  to  the 
imposition  of  any  fine  for  the  same  offence  in  any  prosecution 
instituted  subsequent  to  the  recovery  of  such  judgment,  but  shall 
not  be  a  bar  to  the  infliction  of  punishment  by  imprisonment  as 
provided  by  said  fourth  section. 

SEC.  6.  And  be  it  further  enacted,  That  all  acts  and  parts  of  acts 
inconsistent  with  the  provisions  of  this  act  are  hereby  repealed. 


AMERICAN   GOLD.  213 

The  measure  was  utterly  absurd,  and  produced  an 
effect  precisely  opposite  to  that  intended.  The  price 
of  gold  advanced  more  rapidly  than  ever  before,  and 
went  up  to  the  extreme  rate  of  285.  All  confidence 
in  the  market  value  was  destroyed,  and  speculation 
became  more  rife  than  ever. 

- '  Alarmed  at  the  effect  of  its  own  folly,  Congress 
repealed,  July  2,  the  obnoxious  act,  and  gold  again 
receded. 

We  admit  freely  that  there  is  a  good  deal  of  gold 
gambling,  and  we  admit  that  the  gambling  does  a  deal 
of  mischief;  but  the  legislation  on  this  subject  will  not 
only  not  suppress  gold  gambling,  but  will  cause  worse 
evils  than  gold  gambling.  As  long  as  gold  is  a  com- 
modity that  must  be  dealt  in,  all  restrictions  imposed 
by  law  on  the  mode  of  buying  or  selling  it  must  affect 
the  fair  trader  injuriously,  while  offering  little  or  no 
obstacle  to  the  rogues.  None  but  the  honest  law- 
abiding  dealers  would  therefore  comply  with  the  legal 
formalities ;  the  real  gamblers  would  evade  them.  Le- 
gislation about  gold  dealing  must  raise  its  price  with- 
out putting  an  end  to  gambling.  The  smallest  acquaint- 
ance with  the  laws  of  political  economy  or  with  hu- 
man nature  ought  to  be  sufficient  to  satisfy  the  people 
on  this  point,  even  if  there  were  not  an  abundance  of 
experience  in  support  of  it. 

The  laws  of  Congress  which  were  passed,  putting 
restrictions  upon  the  dealing  in  gold,  had  a  brief  exist- 
ence, but  long  enough  to  lead  to  a  crop  of  lawsuits.  One 
of  these  was  recently  disposed  of  by  the  United  States 
Circuit  Court  in  the  city  of  New  York.  A  man  who 
had  been  speculating  in  gold,  and  had  paid  his  brokers 
some  $20,000  on  account  of  his  contract,  sued  them  to 


214  STOCK   EXCHANGE   MANUAL. 

recover  it  back  again,  because  the  contract  was  not 
stamped,  Congress  having  enacted  in  the  act  of  March 
3,  1863,  that  where  such  a  contract  was  not  stamped 
the  money  paid  under  it  might  be  recovered.  The 
brokers  set  up  the  repeal  of  the  act  as  their  protection, 
and  the  court  sustained  the  defence. 

The  act  of  March  3,  1863,  has  been  virtually  re- 
pealed by  the  act  of  June  30,  1864,  and  by  the  act  of 
March  3,  1865. 

By  this  last  act,  one  tenth  of  one  per  cent,  must  be 
paid  on  all  sales  or  contracts  of  sale  of  gold  and  silver 
bullion  and  coin. 

n. 

CAUSES   OF   DEPRECIATION. 

Again,  we  should  not  delude  ourselves  with  the  false 
idea  that  with  peace  the  premium  on  gold  will  disap- 
pear ;  because  the  influences  which  determine  the  mar- 
ket value  of  gold  are  in  general  terms  three  :  First,  the 
total  amount  of  national  currency ;  second,  the  credit  of 
the  Government,  in  view  of  the  military,  political,  and 
financial  strength  and  prospects  ;  and,  finally,  the  state 
and  course  of  business,  including  foreign  exchanges  and 
speculation.  The  temporary  effect  of  the  third  class  of 
causes  may  be  vastly  great.  In  some  instances  a  single 
day  has  witnessed  immense  fluctuations,  with  no  ob- 
vious reason  but  a  speculative  fever.  Yet  in  any  con- 
siderable period,  and  on  the  whole,  it  is  plain  that  the 
effect  of  speculation  neutralizes  itself.  The  real  value 
of  coin  as  affected  by  the  first  two  elements  we  have 
named,  and  in  a  much  less  degree  by  the  last,  is  the 
standard  around  which  speculation  causes  the  price  to 
oscillate,  and  from  which  it  can  never  deviate  widely 


AMERICAN    GOLD.  215 

without  calling  into  action  other  forces  which  tend 
powerfully  to  restore  it. 

The  same  is  true  to  a  large  extent  of  the  influences 
of  business  and  trade.  A  favorable  state  of  the  ex- 
changes, or  a  falling  off  of  the  demand  for  payment  of 
duties,  may  tend  to  depress  the  price  of  coin  for  the 
time  ;  opposite  conditions  may  tend  to  raise  it ;  yet  these 
influences  cannot  determine  or  limit  it  for  any  long  time. 
They  are  almost  powerless  before  the  two  controlling 
powers  first  named. 

The  second  of  these  depends  largely  on  contingen- 
cies beyond  our  control.  The  extraordinary  expenses 
will  last  somewhat  longer  than  the  war,  and  the  re- 
sumption of  specie  payments  cannot  be  hoped  for  until 
the  revenue  of  the  Government  shall  for  some  time  ex- 
ceed its  outlay.  Meantime  it  remains  true  that  the 
nation  does  not  redeem  its  promises  to  pay  ;  and  so  long 
as  it  does  not  redeem  them  we  cannot  expect  others  to 
do  so  ;  that  is,  to  give  specie  for  them  at  par.  So  long, 
too,  as  it  cannot  redeem  them  to-day,  it  may  be  made 
a  question  whether  it  can  do  so  to-morrow,  or,  indeed, 
at  any  specified  future  time. 

The  question  may  be  nearly  free  from  doubt,  the  re- 
demption nearly  certain,  yet  the  contingency  exists  and 
justifies  some  premium  upon  gold. 

During  the  first  two  years  of  the  war  the  confidence 
of  the  people  in  the  credit  of  the  Government  can 
scarcely  be  said  to  have  been  shaken  at  all.  Scarce  a 
doubt  of  resumption,  and  that  within  a  very  short 
time,  was  seriously  raised,  and  this  element  affected  the 
market  price  of  coin  very  little. 

The  habits  of  thought  in  financial  circles  have  grad- 
ually changed,  and  now  the  question  has  become  one  of 


216 


STOCK   EXCHANGE   MANUAL. 


the  controlling  elements  of  the  price.  Even  were  the 
volume  of  currency  much  reduced,  the  premium  on 
specie  must  continue  high  until  the  Government  shall 
have  begun  to  equalize  its  income  to  its  expenditure. 

But  the  most  potent  influence  even  now  upon  the 
value  of  currency  is  its  amount.  The  principle  is 
familiar  enough.  A  strong  government  may  issue  even 
irredeemable  currency  sufficient  in  amount  to  replace 
the  coin,  and  equivalent  in  circulation,  without  material 
depreciation.  When  this  limit  is  passed,  the  deprecia- 
tion begins  to  increase  more  rapidly  than  the  issues, 
and  may  be  said  in  general  to  increase  in  geometrical 
as  the  volume  increases  in  arithmetical  progression. 

No  additional  value  can  then  be  given  to  the  whole 
issue  of  currency  by  additional  issues,  and  soon  another 
limit  is  reached,  beyond  which  further  increase  actually 
lowers  the  value  of  the  whole.  The  utter  failure  of 
confidence  implied  by  this  result  has,  however,  not  been 
reached,  perhaps  not  yet  approached,  by  us,  and  the 
present  low  value  of  currency  is  sufficiently  accounted 
for  by  the  fact  that  the  amount  of  it,  in  its  various  forms, 
is  more  than  double  the  amount  needed  by  the  ex- 
changes of  the  country  before  the  war. 

Statement  of  the  extreme  prices,  monthly,  for  the 
four  years  ending  March  31,  1865  : 


January . . . 
February. . 

March 

April 

May 

June 

July 

August 

September. 
October... 
November. 
December. . 


par 


24" 


85  @  155 
83  @  129} 
54   j  109  @  160 
52J  i  110$  ®  148J 


97* 
96| 

48* 


CHAPTEK  Y. 

RAILROAD  STOCKS  AND  BONDS. 

THE  well-known  bankers,  Jerome,  Riggs  &  Co., 
publish  a  weekly  circular,  in  which  we  often  notice 
very  sensible  observations.  We  clip  the  following  from 
one  of  their  recent  issues  : 

"The  value  of  every  property  must  depend  upon 
the  degree  of  the  necessity  for  its  constant  and  general 
use.  The  instrumentality  that  supplies  society  with 
food,  and  with  other  articles  almost  equally  indispen- 
sable, and  "is  the  sole  medium  for  the  movement  of  its 
members  from  place  to  place,  must  rank  vastly  higher 
as  an  investment  than  such  as  depend  upon  the  faith 
of  individuals  or  of  political  organizations,  or  of  en- 
terprises which,  while  engaged  in  supplying  human 
wants,  are  often  injudiciously  prosecuted,  or  are  liable 
to  push  their  production  far  beyond  the  ability  of  the 
public  to  consume. 

"  Such  an  agent  of  prime  necessity  is  the  railroad. 
Although  only  about  thirty  years  have  elapsed  since  it 
came  into  use,  it  now  includes  all  the  operations  of 
society.  It  has  created  by  far  the  greater  portion  of 
the  value  of  the  property  of  the  country.  Without  it 
there  could  be  neither  domestic  nor  foreign  commerce 
10 


218  STOCK    EXCHANGE   MANUAL. 

to  any  considerable  extent.  It  brings  together  the  pro- 
ducer and  consumer,  who  could  be  united  by  no  other 
tie.  Every  day  increases  its  usefulness  and  power. 
Society  cannot  now  put  forth  a  single  great  effort  in 
which  the  railroad  is  not  the  chief  agent  and  actor. 

"  Now  this  universal  necessity  for  its  use  measures 
its  value  as  an  investment.  In  this  country  such  use  is 
not  only  universal,  touching  every  industrial  operation, 
but  of  its  extent  there  can  hardly  be  a  limit,  because  no 
limit  can  be  placed  to  the  extent  of  its  productions  and 
commerce.  These  productions,  whether  of  agriculture 
or  manufactures,  are  necessarily  dependent  in  geometri- 
cal ratio  upon  the  new  agencies  that  are  constantly  being 
brought  into  use.  This  fact  should  be  constantly  kept  in 
mind;  the  commerce,  for  example,  between  New  York 
and  Chicago,  is  probably  fourfold  greater  in  volume  and 
value  than  it  was  six  years  ago,  when  the  latter  city 
numbered  a  population  of  85,000,  against  170,000  at  the 
present  time.  Such  traffic  now  exceeds  the  capacity  of 
all  the  lines  opened  for  its  accommodation,  though 
these  have  been  increased  as  fast  as  the  shops  of  the 
various  companies,  aided  by  those  of  the  whole  country, 
would  allow.  It  is  well  known  that,  were  the  capacity 
of  all  the  railroads  between  New  York  and  Chicago 
doubled,  there  would  be  more  freight  offered  than  all 
of  them  could  move. 

"  The  railroads  of  this  country,  almost  without  ex- 
ception, were  undertaken,  not  as  investments,  but  as 
means  for  the  creation  of  capital,  by  the  development 
of  resources.  The  soil  a  short  distance  from  the  sea- 
board was  valueless,  because  its  products  could  not  be 
sent  to  market.  It  was  to  open  outlets,  alike  for  the 
benefit  of  the  producer  and  consumer,  that  almost  each 


RAILROAD    STOCKS    AND    BONDS.  210 

line  was  undertaken.  All  involved  great  pecuniary 
sacrifices  to  their  constructors.  They  were  to  create  a 
traffic  which  in  the  end  was  to  render  them  valuable  as 
investments.  But  years  were  required  for  this  purpose. 
The  country  they  traversed  was  in  a  great  measure  un- 
inhabited. It  is  now  teeming  with  population,  supplied 
with  whatever  can  make  their  labor  in  the  highest 
degree  productive,  so  that  the  chief  concern  of  nearly 
any  railroad  in  the  country  is,  not  how  to  develop  a 
traffic,  but  how  to  accommodate  that  which  is  pressing 
upon  it. 

"  The  great  distance  over  which  freight  is  moved 
over  railroads  is  characteristic  of  this  country  alone,  and 
adds  vastly  to  the  business  of  our  lines.  The  great  bulk  of 
produce  brought  to  market  has  to  be  transported  from 
1,200  to  1,500  miles.  The  reciprocal  current  must  bo 
equal  either  in  volume  or  value.  The  interior  devoting 
itself  to  agriculture  must  import  by  far  the  greater  por- 
tion of  what  is  consumed  that  the  farms  do  not  pro- 
duce. Hence  the  volume  of  business  passing  over  our 
lines  equals  twice  the  value  of  their  outward-bound 
freight. 

"  From  what  has  been  stated,  it  will  be  seen  that  a 
rapid  increase  in  the  construction  account  of  the  rail- 
ways of  this  country  is  inevitable,  and  that  such  in- 
crease must  always  be  in  approximate  ratio  to  their 
increased  earnings.  How  shall  the  means  for  such  in- 
crease be  provided  ?  from  capital  or  from  the  perpetual 
application  of  earnings  to  construction  ?  If  the  latter 
alternative  should  be  adopted,  the  stockholders  of 
many  of  our  best  managed  and  most  productive  and 
prosperous  companies  would  never  receive  directly  a 
penny  on  their  investments,  either  presently  or  at  any 


220  STOCK    EXCHANGE    MANUAL. 

probable  future  period  ;  nor  would  such  investments 
have  any  considerable  market  value,  no  matter  how 
productive  roads  were,  provided  such  companies  shall 
make  any  provision  for  the  transaction  of  the  legitimate 
business  of  their  lines.  Not  to  do  this  would  be  to  re- 
fuse to  carry  out  the  object  for  which  these  roads  were 
undertaken,  and  would  inevitably  lead  to  the  construc- 
tion of  more  lines,  and  to  ruinous  competition.  A  rail- 
road is  built  to  accommodate  the  traffic  of  the  section 
it  traverses.  If  that  traffic  increases,  should  not  the 
original  capital  account  be  augmented?  There  is  just 
as  good  reason  for  the  increase  as  there  was  for  the  first 
outlay. 

"  The  objection  to  such  increase,  if  there  be  any,  is 
based  upon  the  distrust  of  the  management  of  railroads 
rather  than  on  any  violation  of  a  correct  business  prin- 
ciple. From  the  inadequate  provisions  made  in  the 
outset  for  construction,  nearly  all  our  companies  have  at 
one  time  or  another  fallen  into  great  embarrassments. 
With  large  earnings  in  many  cases,  no  dividends  have 
been  paid,  or  if  commenced,  have  been  omitted  from  the 
constant  and  steady  demand  for  construction,  and  from 
the  inability  of  the  company  to  borrow  money  except 
at  ruinous  rates.  The  hopes  of  the  owners  of  railroad 
property  have  been  disappointed  so  often,  that  it  had 
come  to  be  regarded  as  a  difficult  problem  to  tell 
whether  or  not  a  dividend  had  been  earned.  Necessity 
for  a  long  time  compelled  the  application  to  construc- 
tion of  whatever  was  received.  But,  gradually,  one 
after  another  of  our  companies  completed  their  roads, 
and  emerged  from  their  embarrassments  still  with  the 
same  necessity  as  ever  upon  them  to  add  to  their  facili- 
ties as  their  business  increased. 


KAILKOAD    STOCKS    AND   BONDS.  221 

"  We  presume  that  no  one  objects  that  such  increase 
of  capital  is  not  wise.  The  question  is  whether  while  it 
is  going  on  it  is  expedient  for  the  company  to  pay  divi- 
dends. If  they  have  been  actually  earned,  and  if  such 
additional  capital  must  increase  instead  of  weaken  the 
ability  of  the  company  to  pay  them  in  the  future,  we 
can  see  no  possible  reason  why  they  should  not  be  paid, 
If  the  road  is  actually  earning  eight  per  cent,  on  its 
stock,  the  latter  is  worth  par,  and  the  payment  of  divi- 
dends at  this  rate  will  cause  the  stock  to  be  sought 
for  at  that  price.  No  one  questions  that  such  earnings 
have  been  made.  If  so,  the  present  stockholders  are 
entitled  to  their  benefit.  The  present  generation  as 
well  as  the  future  have  some  rights,  and  no  duty  is 
more  imperative  upon  any  body  of  directors  than  to 
adopt  such  a  line  of  policy  as  will  give  to  the  securities 
of  their  roads  a  price  which  shall  correspond  as  nearly 
as  possible  to  their  real  value.  If  no  dividends  are  to 
be  paid  except  by  companies  whose  construction  is 
fully  closed,  we  must  forego  for  all  time  dividends  upon 
nine  tenths  of  our  roads,  and  among  them  many  of  our 
most  productive  and  best  managed  lines,  and  virtually 
destroy  the  value  of  investments  which  have  cost  their 
owners  nearly  $1,000,000,000." 

The  great  decline  in  railway  property  has  been  a 
leading  topic  of  remark  in  monetary  circles  for  several 
months.  Its  suddenness  and  rapidity  require  a  different 
explanation.  The  eagerness  with  which  the  new  seven- 
thirty  loan  had  been  sought  by  the  community,  has 
probably  had  considerable  influence.  The  rate  of  in- 
terest they  pay  far  exceeds  the  average  income  to  be 
expected  from  railroads,  and  as  the  utmost  confidence 
prevails  in  reference  to  them,  they  are  absorbing  nearly 


222  STOCK   EXCHANGE   MANUAL. 

the  whole  available  capital  of  the  country.  While  this 
feeling  continues,  railroad  securities  are  likely  to  be  ne- 
glected, except  for  speculative  purposes. 

Their  prosperity  for  the  last  three  or  four  years  has 
been  depending  upon  causes  of  temporary  operation. 
The  foremost  of  these  temporary  causes  was  the  closing 
of  the  Mississippi,  which  arrested  an  immense  tide  of 
Western  business,  and  set  it  flowing  across  the  conti- 
nent to  the  Atlantic  seaboard.  When  the  great  Southern 
markets  of  the  Mississippi  valley  are  re-opened,  and  the 
business  of  the  country  resumes  its  wonted  channels, 
there  will  be  a  great  drain  down  the  valley  of  the  traf- 
fic that  now  feeds  the  railroad  lines  running  East. 

But  the  cause  operating  with  the  greatest  force  pro- 
bably against  the  credit  of  the  railroads  is  the  manner 
in  which  they  have  been  conducted  for  several  years 
past.  The  parties  having  in  charge  many  of  these  lead- 
ing railroads  sought  and  wield  their  places  for  stock- 
jobbing operations,  in  which  the  interests  of  the  own- 
ers of  the  property  are  quite  as  liable  to  be  sacrificed 
as  protected.  This  fact  is  notorious,  and  is  calculated 
to  weaken  confidence  that  otherwise  might  be  felt  in 
these  works.  Other  enterprises  could  not  hope  for  suc- 
cess, managed  upon  the  principles  upon  which  many  of 
these  railroads  are  conducted.  Till  a  radical  revolution 
is  effected  in  this  particular,  we  cannot  expect  to  see  a 
return  of  confidence  in  them  for  investment. 

Another  temporary  cause  of  the  flushness  of  rail- 
road earnings  is  the  vast  amount  of  Government  trans- 
portation, which  will  cease  with  the  war.  The  roads 
have  not  only  found  a  great  and  lucrative  addition  to 
their  business,  in  transportation  of  men  and  supplies  for 
the  Government,  but  there  has  resulted  a  large  addi- 


RAILROAD    STOCKS    AND    BONDS.  223 

tional  increase  of  passenger  traffic.  This  profitable 
business  will,  of  course,  all  stop  with  the  war,  and  the 
railroads  will  depend  for  their  incomes  on  the  ordinary 
trade  and  traffic  of  the  country. 

Besides  these  mam  causes  which  operate  to  depre- 
ciate the  value  of  railroad  property,  there  is  another, 
which  will  diminish  the  dividends  of  the  next  two  or 
three  years.  The  condition  of  the  railroads  has  been 
constantly  deteriorating  during  the  reign  of  high  prices. 
The  exorbitant  cost  of  labor  and  material  has  operated 
here  as  it  has  to  check  the  building  of  houses.  Neither 
the  roads  nor  the  running  stock  have  been  kept  up. 
We  are  beginning  to  witness  the  results  in  the  alarm- 
ing and  unwonted  frequency  of  railroad  accidents. 
Whether  prices  shall  be  high  or  low,  the  roads  will  be 
compelled  to  make  the  repairs  and  replenishments 
which  have  been  too  long  postponed.  The  next  two 
years  will  necessarily  be  an  era  of  heavy  expenses  and 
light  dividends. 


NEW  YORK  CENTRAL  RAILROAD. 

The  New  York  Central  runs  from  Albany  to  Buf- 
falo. 

No  road  is  of  more  importance  in  this  State  and 
country  than  the  New  York  Central,  and  its  operations 
exert  a  controlling  influence  upon  railroad  management 
and  business  transactions  all  over  the  country.  From 
the  epoch  of  the  Consolidation  Act  of  1853,  till  the 
present  time,  it  has  been  a  power  which  could  not  be 
resisted. 

At  the  time  of  the  consolidation  the  stocks  of  the 


24 


STOCK   EXCHANGE   MANUAL. 


several  lilies  were  rated  at  a  premium,  and  it  was  pro- 
vided that  their  estimated  value  over  par  should  be 
paid  to  the  shareholders  in  6  per  cent,  bonds  of  the  new 
company,  the  stock  of  the  new  company  to  be  issued 
at  its  par  value  to  the  holders  of  shares  in  the  several 
lines.  The  amount  of  the  share  capital  of  such  lines, 
the  percentage  of  premium  paid,  and  the  amount  in 
each  case,  were  as  follows  : 


Name  of  Companies. 

Share  Capital. 

Rate  of 
Premium. 

Amount. 

Albauy  and  Schencctady..  . 
Utica  and  Schenectadv. 

$1,621,800 
4  500  000 

17 
55 

$275,706 
2  475  000 

Mohawk  Valley  

1,575,000 

55 

866,250 

2,700,000 

50 

1,350,000 

Syracuse  and  Utica  Direct.  . 
Rochester  and  Syracuse.  .  .  . 
Rochester,  Lockport  and  ^ 
Niagara  Falls  I 

600,000 
5,608,700 

2,155,500 

60 
30 

25 

300,000 
1,682,610 

536,68-i 

675,000 

25 

168,750 

Buffalo  and  Rochester  
Rochester  and  Lake  Ontario 
Schenectady  and  Troy  

3,000,000 
150,000 
650,000 

40 
25 

1,2CO,000 
37,500 

$23,235,600 

$8,894,560 

The  modest  sum  of  $8,894,560,  by  virtue  of  the 
consolidation,  the  stockholders  in  the  lines  that  made 
up  the  Central  put  into  their  pockets,  in  the  shape  of 
bonds  which  had  been  selling  at  115.  But  the  Legis- 
lature had  the  firmness  to  stipulate,  by  way  of  protec- 
tion to  the  people  of  the  State,  and  as  a  sort  of  equiva- 
lent for  what  it  had  yielded,  that  the  new  company 
should  never  charge  more  than  two  cents  per  mile  for 
the  transportation  of  passengers :  this  stipulation  was 
embodied  in  the  charter,  and  was  intended  to  be  a  per- 


RAILROAD    STOCKS    AND   BOXDS.  225 

petual  restriction  upon  the  company.  The  attempt  has 
been  several  times  made  (without  success  except  in  the 
single  instance  of  way  passengers  for  distances  less  than 
five  miles)  to  remove  this  limitation,  and  it  was  renewed 
at  the  present  session  of  the  Legislature  with  undiminish- 
ed  vigor  and  a  greater  hope  of  accomplishment.  But 
a  bill  'conferring  the  grant,  passed  22d  of  April,  was 
vetoed  by  Governor  Fenton.  And  the  question 
"  Shall  the  bill  pass  notwithstanding  the  objections 
of  the  Governor  "  was  decided  in  the  negative  in  the 
Senate,  by  a  vote  of  17  to  14.  The  New  York  Central 
Railroad  Company  received  the  net  earnings  of  the 
several  corporations  owning  the  line  from  Albany  to 
Buffalo,  from  May  1,  1853.  It  went  into  the  actual 
occupation  and  management  of  the  roads,  August  1, 
1853.  The  first  dividend  was  paid  February  20,  1854. 
It  was  five  per  cent.,  and  on  earnings  for  the  previous 
nine  months.  During  the  eleven  following  years,  the 
company  has  made  twenty-two  dividends:  the  first  ten 
were  four  per  cent,  each ;  the  next  seven  were  three  per 
cent,  each ;  the  next  two  were  three  and  a  half  (3£)  per 
cent,  each;  the  next  (in  February,  1864)  was  five  per 
cent.;  the  next  (August,  1864)  was  four  per  cent.;  the 
last  (February,  1865)  was  three  per  cent.;  making  in 
all,  for  the  whole  existence  of  the  company — eleven 
years  and  nine  months,  up  to  February  last — eighty-five 
(85)  per  cent,  in  dividends,  being  seven  twenty-three 
(7  23-100)  per  cent,  a  year. 

The  length  of  the  New  York  Central  Railroad  is 
556  miles,  of  which  398  are  covered  with  double  track. 
The  branch  roads  extend  258  miles ;  the  main  track 
from  Albany  to  Buffalo  is  297f  miles.  The  parallel  and 
branch  lines  are  as  follows :  From  Troy  to  Schenectady, 
10* 


226  STOCK    EXCHANGE   MANUAL. 

21  miles;  the  old  road  from  Syracuse  to  Rochester  by 
way  of  Auburn,  104  miles ;  from  Batavia  to  Athens,  11 
miles ;  from  Rochester  to  Suspension  Bridge,  75  miles ; 
from  Lockport  Junction  to  Tonawanda,  12  miles;  from 
Rochester  Junction  to  Charlotte,  7  miles;  and  from 
Buffalo  to  Lewiston,  28  miles. 

The  whole  length  of  the  first  track  laid  on  the  main 
lines  and  branches  measuring  the  length  of  the  road  is 
556 ;  the  length  of'  the  second  track  laid  on  the  main 
lines  and  branches  is  256£,  and  the  length  of  sidings, 
turnouts  and  switches  laid  on  the  main  lines  and 
branches  is  14l£  miles;  954  miles  in  all.  The  weight 
of  the  rails  employed  is  from  57  to  62£  pounds  per 
yard ;  the  number  of  locomotive  engines  reported  for 
the  year  was  239 ;  of  first-class  passenger  cars,  197  ;  of 
second-class  and  emigrant  cars,  58 ;  of  baggage,  rail,  and 
express  cars,  68  ;  of  freight  cars,  4,006,  comprising  2,693 
wooden-box,  510  iron-box,  and  803  platform  cars; 
gravel  cars,  350. 

So  vast  is  the  traffic  of  the  road,  that  with  the 
enormous  load  put  upon  it  in  the  shape  of  bonuses  and 
extra  dividends  paid,  it  has  always  been  one  of  the  most 
profitable  enterprises  in  the  country.  The  capital  of 
the  New  York  Central  is  $24,386,000,  and  the  funded 
debt  $13,211,341.  The  gross  profits  have  been  in  1864, 
$12,997,890;  the  net  profits  $3,506,645.  It  has  no 
floating  debt. 

The  following  is  a  statement  of  the  earnings  and 
expenses  of  the  company  for  the  first  six  months  of  the 
present  fiscal  year : 


RAILROAD    STOCKS   AND   BONDS. 


227 


Earnings. 

Expenses. 

October,  1864  

$1,196,435  22 

$880,469  68 

November   1861                   ..    .. 

1  157  817   56 

1,240,655  62 

December,  -1864  

1,039,902  14 

1,053,130  04 

January   1865 

899  478  12 

996,914  75 

February    1865      

581,372  41 

936,286  35 

March,  1865,  es  

915,600  00 

800,000  00 

Total  .  . 

$5,790,205  45 

$5,912,456  34 

Statement  of  the  extreme  prices,  monthly  and  yearly, 
for  the  six  years  ending  March  31,  1865  : 


January. 
February 
March . . 
April... 
May.... 
June — 
July.... 
August. 

Sept 

October 

November 

December 


9  38 


79|  75| 
80*  68 


75J  ©  82* 
75i  ©  80} 


82*71 


84*7 


Year 69   @  92} 


1861. 


_T8J 

71}  ©  78* 
fit  @  74} 

3*  ©  79| 

72*  ©  77 


76*  75*  (oj,  SOi 


68    ©82* 


.  81i  101 


84}  11 
84*107 


1863. 


@,140 


109  ®145 


102*  @  119 
114*  @  116f 
91i  @  112| 


New  York  Central  JBonds. 


Securities. 

Premium  (S.  F.)  Bonds... 
Funding  (8.  F.)  Bonds  
Exchanged  Stocks  (S.  F.) 
Bonds 

Amount. 

Interest. 

When  Payable. 

Where  Pa'ble. 

"NewTorkT 
(c          (( 
«          (( 

(C              C( 

II 

1883 
1876 

18S3 

1883 
1883 

var. 
1888 

1876 

1877 

2s 
|£ 

~9S* 
100 

100 

ioo' 

100 

111 

10S} 

6,917,598 
1,898,000 

663,000 

78,000 
165,000 

190,273 
45,550 

604,000 
2,925,000 

6 

7 

6 

6 

6 

7 

6 

7 
C 

May    &    Nov. 
Feb.    &    Aug. 

May    &  Nov. 

«                         C( 

((                 It 

var. 
ct 

Fob.    <fe  Aue. 
Juno   &   Doc. 

Exchanged  Stocks  (S.  F.) 
B.  a!-d  N.  F  
Real  Estate  (S.  F.)  Bonds. 
Real  Estate  Bonds  &  Mort- 

Real  Estate  Bonds  <fc  Mort- 

Bonds  of  August,  1859,  con- 
vertible 

Bonds  of  Oct.  1803(8.  F.).. 

Transfer  office  in  New  Nork,  18  Nassau  street. 


228  STOCK   EXCHANGE   MANUAL. 

II. 

EEIE   RAILROAD. 

Mr.  Marsh  served  this  road  during  the  dark  and 
troublous  times  of  its  greatest  misfortunes,  and  the 
stock  rose,  under  his  superintendence,  from  3  to  4  dollars 
per  share  to  130  and  140.  When  the  railroad  was  in  the 
greatest  trouble,  he  was  selected  by  the  Supreme 
Court,  with  the  recommendation  of  the  largest  stock- 
holders, and  with  the  general  approval  of  the  business 
community  most  interested  in  its  success,  to  be  the  re- 
ceiver of  the  road.  After  two  years  of  a  very  success- 
ful administration,  during  which  the  payment  of  inter- 
est was  resumed  upon  the  bonds,  all  the  old  debt  paid, 
and  the  stock  of  the  company  placed  in  a  condition 
where  the  payment  of  dividends  was  probable,  Mr. 
Marsh  was  elected  president  of  the  road  January  1, 
1862,  and  so  long  as  he  was  able  to  be  at  his  post,  the 
management  was  excellent,  both  for  the  public  and  the 
owners  of  the  road. 

After  his  death,  Mr.  Berdell  was  selected  president 
for  1865. 

The  property  of  the  company  consists  of :  Main  Line 
from  Jersey  City  to  Dunkirk,  460  miles;  Piermont 
Branch,  18  miles;  Newburgh  Branch,  19  miles;  North- 
western Division,  Hornellsville  to  Attica,  60  miles — 
total  length  of  road  owned  by  the  company,  557 
miles. 

The  branch  roads  leased  and  operated  by  the  com- 
pany are:  Buffalo  Division,  Corning  to  Buffalo,  140 
miles;  Rochester  Division,  18  miles;  Canandaigua  and 


RAILHOAD   STOCKS   AND   BONDS.  229 

Elmira,  66  miles;  Hawley  Branch,  just  completed,  16 
miles — total  240  miles. 

The  whole  number  of  miles  owned  and  leased  by 
the  company  is  797. 

The  Warwick  Valley  road,  ten  miles  long,  is  operated 
by  the  company,  but  not  leased. 

'The  whole  number  of  miles  operated  by  the  com- 
pany is  807. 

There  are  on  the  main  line  and  branches  owned 
by  the  company  191.5  miles  of  double  track,  and  145 
miles  of  sidings — making  the  entire  length  of  track 
equal  to  1,162.5  miles  of  single  track. 

The  equipment  of  the  road  consists  of  276  locomo- 
tive engines  and  tenders;  114  passenger  cars;  247 
emigrant,  baggage,  and  caboose  cars ;  2,633  box  freight, 
cattle,  milk,  and  oil  cars;  1,180  flat-freight  cars  ;  and 
540  coal  cars. 

The  Buffalo,  Bradford  and  Pittsburgh  Railroad,  con- 
necting with  the  Erie  Railway  at  Carrollton  Station, 
405  miles  from  New  York  and  54  miles  from  Dunkirk, 
will  be  open  for  use  during  the  coming  summer.  This 
road  from  its  connection  with  the  Erie  Railway  to 
Lafayette  is  about  24  miles  in  length,  and  will  ultimately, 
and  at  no  distant  period,  be  carried  into  the  very  heart 
of  the  great  bituminous  coal  region  of  the  State  of 
Pennsylvania.  When  opened  to  Lafayette  it  will  reach 
a  point  where  coal,  iron,  and  lumber  can  be  obtained  in 
almost  inexhaustible  quantities.  It  will  become  the 
natural  outlet  for  the  coal  and  iron  from  that  great 
mineral  region  to  New  York,  Canada,  add  the  Western 
States,  and  will  be  a  source  of  largely  increased  business 
to  the  Erie  Railway. 

The  financial  condition  of  the  company  is  exhibited 


230  STOCK    EXCHANGE    MANUAL. 

in  the  annexed  balance  sheet.     The  liabilities  of  the 
company  on  the  31st  of  December,  1864,  were: 

Aocotmts  payable $2,941,431  86 

Dividends  payable  February  1,  1865 906,631  08 

$3,848,062  94 
Means  to  pay  the  same : 

Cash  and  cash  items $563,217  47 

Accounts  receivable 1,383,286  94 

Long  Dock  Company 834,475  36 

$2,780,979  77 


Excess  of  liabilities $1,067,083  17 

Contract  for  engines  and  cars  deliverable  prior  to  July 

1,  say 2,600,000  00 


$3,667,083  17 

To  meet  which  the  company  has  in  reserve  $2,800,- 
000  of  common  stock,  and  $900,000  of  fourth-mortgage 
bonds. 

The  capital  stock  on  the  31st  of  December,  1864, 
was  as  follows : 

Common  Stock $16,400,100 

Preferred  Stock 8,535,700 


$24,935,800 

The  gross  earnings  of  this  road  for  1863  have  been 
$10,469,481  29,  and  the  expenses  $5,949,085  70,  making 
the  net  earnings  $4,520,395  59. 

The  gross  earnings  for  1864  have  been  $13,429,- 
643  54,  and  the  expenses  $8,834,918  44,  making  the 
net  earnings  84,594,725  10. 

Two  dividends  of  3j  on  preferred  stock,  and  4  on 


RAILROAD    STOCKS    AND   BONDS. 


231 


common  stock,  have  been  declared  in  July,  1864,  and 
January,  1865. 

The  Erie  railroad  earned  in  March,  1865,  $1,241,- 
000;  1864,  $1,114,508;  increase,  $126,492,  and  this  in 
the  face  of  nearly  a  whole  week's  idleness  on  the 
road.  The  quarter  equals  the  traffic  of  the  same  time 
in  1864,  and  succeeding  months  will  be  much  better. 

Statement  of  the  extreme  prices,  monthly  and  yearly, 
for  the  six  years  ending  March  31,  1865  : 


Year, 


8J-  ©43 


1862. 


._       _31|  ©361 
30    ©36    33    ©  35i 
35    34f  ©  38 
17    ©  32$  361 


IT    © 


81f@651    66  ©122 


Officers  of  the  Road. 

President— Robert  H.  Berdell. 

Vice-President — Alexander  S.  Diven. 

Directors — John  Arnot,  Robert  H.  Berdell,  D.  A. 
Cushman,  J.  C.  Bancroft  Davis,  Alexander  S.  Diven, 
Daniel  Drew,  Wm.  Evans,  Thomas  W.  Gale,  Dudley 
S.  Gregory,  Samuel  Marsh,  Ralph  Mead,  Ambrose  S. 
Murray,  Horatio  N".  Otis,  Isaac  N.  Phelps,  Henry  L. 
Piergon,  Win.  B.  Skidmore,  Cornelius  Yanderbilt. 

Secretary — Horatio  1ST.  Otis. 

Treasurer — John  Hilton. 

Auditor — B.  E.  Bremner. 

General  Superintendent — Hugh  Riddle. 


232 


STOCK   EXCHANGE   MANUAL 

Erie  Railroad  Bonds. 


Description. 

Amount  . 

Rate. 

Interest 
Period. 

Where  Paid. 

When 
Due. 

Market 
Price. 

1st  Mortgage.. 
2il  Mortgage.. 
8d  Mortgage... 
4th  Mortgage., 
oth  Mortgage. 
Buffalo  Branch    . 

3,000,000 
4,000,000 
6,000,000 
3,634,000 
1,002,500 
186,400 

7 
7 

7 

7 
7 

May    &    Nov. 
March  &  Sept. 

April    <fc   Oct. 
June  &    Dec. 
Jan.    &   July. 

New  York. 
»         u 

u           :i 

1867 
1879 
1883 
1SSO 
1888 
1891 

100 
100 
102 
93 
100 
102 

Transfer  office  in  New  York,  1 1  Pine  street 


III. 


HARLEM   RAILROAD. 

The  New  York  and  Harlem  Railway  from  New 
York  to  Chatham  Four  Corners  is  130.75  miles  in  length. 
At  Chatham  it  connects  with  the  Western  Railroad  from 
Boston  to  Albany,  which  conveys  its  passengers  to  Al- 
bany, being  a  further  distance  of  23  miles,  making  a 
direct  route  from  New  York  to  Albany  of  153.75  miles. 

This  road  is  an  inland  route,  running  through  the 
rich  and  fertile  counties  of  Westchester,  Putnam, 
Dutchess,  Columbia,  and  Rensselear.  A  large  business 
is  done  in  iron  and  marble  from  the  lower  part  of 
Columbia  county,  and  the  upper  part  of  Dutchess.  Im- 
mense and  inexhaustible  iron-ore  beds  exist,  and  are 
daily  developing  their  riches  to  the  enterprising  capi- 
talist. The  finest  white  marble  is  brought  from  West- 
Chester  county.  The  Harlem  brings  more  milk  into  "the 
city  of  New  York  than  any  other  road  that  enters  it. 
The  amount  of  milk  brought  in  daily  is  over  70,000 
quarts. 


RAILROAD   STOCKS   AND   BONDS.  233 

The  Harlem  reports  a  capital  stock  of  $8,000,000  by 
charter,  of  which  $5,722,850  have  been  subscribed. 

The  earnings  of  the  road  for  the  year  ending  Sep- 
tember 30,  1864,  were  $1,860,428.  The  expenses  for 
transportation  and  construction  were  $1,409,820  ;  and 
for  interest,  $432,439  ;  total,  $1,842,259 ;  leaving  a 
balance  of  $18,169. 

The  floating  debt  is  $14,260. 

No  dividend  has  been  declared. 

The  preferred  stock  is  $1.500,000,  at  the  rate  of  8  per 
cent. 

That  stock  is  one  of  the  features  of  the  Stock  Ex- 
change. It  was  selling  in  January,  1860,  at  8j ;  in  1861 
at  19 ;  in  1862  at  12J,  in  1863  at  27£.  In  May,  1863, 
the  Broad  way  Railroad  was  granted,  and  it  is  asserted, 
in  order  to  adjust  all  difficulties  relating  to  the  Broad- 
way Railroad,  a  sum  was  mutually  settled  upon  besides 
an  interest  of  20,000  shares  of  Harlem  stock. 

On  the  evening  on  which  the  ordinance  grant- 
ing to  the  Harlem  Company  the  right  to  lay  rails  in 
Broadway,  Fulton,  and  other  streets  was  passed,  the 
stock  was  selling  at  58  ;  the  next  day  it  commanded  70, 
and  rose  steadily  to  118.  Having  tasted  the  waters  of 
the  Pactolus,  the  city  fathers  longed  for  another  draught. 
Thousands  and  thousands  of  dollars  had  been  made 
in  a  day  or  two  by  conferring  a  grant ;  they  could  make 
as  many,  they  believed,  by  rescinding  it.  So  they  went 
to  work,  and  the  rescinding  resolution  was  passed. 

It  appears  that  Commodore  Vanderbilt,  president 
of  the  Harlem,  and  holder  of  50,000  shares  of  80,000 
forming  the  capital  stock,  was  not  at  all  discomfited  by 
the  action  of  the  councilmen,  who  were  selling  Harlem 
shares  all  the  way  from  85  to  72,  to  which  price  the 


234  STOCK   EXCHANGE    MANUAL. 

Commodore  had  let  it  drop.  They  had  contracted  to 
deliver  35,000  shares  of  the  stock,  expecting  that  it 
would  be  put  down;  but  here  was  their  mistake, 
and  their  punishment  commenced.  Unable  to  furnish 
the  35,000  shares  contracted  for,  the  councilmen  were 
cornered.  The  stock  recovered  steadily,  and  rose  to 
106,  and  then  the  councilmen  sued  for  mercy.  The 
Commodore  required  that  matters  be  replaced  in  statu 
quo  previously  to  giving  up  outstanding  contracts, 
and  the  result  was  a  third  resolution  passed  on  June 
29,  1863,  by  which  they  reconsidered  their  previous 
action  rescinding  the  grant. 

In  October,  1863,  the  operators  in  Harlem  suffered 
a  fall  of  65  per  cent,  in  a  week. 

In  April,  1864,  in  the  midst  of  the  general  collapse 
of  railroad  shares,  it  maintained  its  ground,  and  even 
rose  to  an  unprecedented  price,  285.  This  singularity 
is  owing  to  what  is  called  in  street  slang  a  corner.  A 
measure  was  meted  out  to  the  Legislature  and  their 
friends  for  operating  on  the  repeal  of  the  Broadway 
grant.  This  was  an  operation  in  which  feeling  seems 
to  have  predominated  over  calculation.  The  severity 
of  the  punishment  was  unequalled.  Many  contracts 
to  deliver  Harlem  at  110  were  settled  at  280.  Prob- 
ably no  less  than  $3,000,000  in  money  were  taken  out 
of  the  pockets  of  the  bears  in  Harlem.  Several  houses 
went  down  in  the  struggle,  and  others  which  survive 
still  wear  the  scars.  But  the  end  of  the  campaign  sad- 
dled the  bulls  with  the  entire  capital  stock  of  the  Har- 
lem, which,  as  it  does  not  pay  dividends,  and  may  never 
do  so,  is  not  a  cheerful  load  to  carry.  It  has  disap- 
peared from  the  regular  quotations  of  the  Stock  Ex- 
change since  August,  1864. 


RAILROAD   STOCKS   AND   BONDS. 


235 


Statement   of  the    extreme    prices,   monthly   and 
yearly,  for  the  six  years  ending  March  31,  1865  : 


Jan  ... 
Feb.... 
March. 
April.. 
.May... 
June  .. 
July... 
Aug... 
Sept... 
Oct.... 
Nov. . . 
Dec.... 


8  ©24 


25* 


7*  ©  179  |    65 


Harlem,  Preferred  Stock. 


I860. 

1861. 

1862. 

1863. 

1864. 

1865. 

Jan  

32*  ©   33$ 

86    ©    42 

29}©    32 

57    ©    87 

102  @  112 

Feb.. 

32*  @    344 

34    ©    43 

28}©    80* 

63}  ©    78 

1101©  125 

'•.'*', 

March 

82*  ©   86} 

88    ©    45} 

30   ©    82* 

76*  ©    86 

125  ©  138 

April  . 

35*  @   40 

28    @    41} 

30   ©    32* 

81    ©   94 

May.. 

37    ©   41* 

25£  ©  31* 

32*  @    37 

95    ©120* 

June. 

87    ©   40 

20*  ©  25* 

35}©    45 

95    ©  120* 

July... 

881  ©    44.| 

22*  ©    29* 

33*®    41 

94    ©120 

Aug... 

45    ©    51 

24}  ©    26i|35   ©    42 

119    ©158 

Sept... 

48*  ©   55 

25    ©    25|i39   ©    43* 

115    ©151 

Oct.... 

88*  ©    53* 

25}  ©    35   46}  ©    53^ 

107    ©  132* 

Nov... 

32    ©    41 

29*  ©    35  !44*©    53i 

110    ©  111 

Dec.... 

27    ©    35* 

25    ©    80* 

50   @    53 

100 

Year.  .  .  . 

27    ©    55 

20*©    43 

28}  ©  57" 

57    ©158 

102  ©  138 

Harlem  Bonds. 


Description  of 
Securities. 

Amount. 

Rate. 

When  Payable. 

Where 
Payable. 

When 
Due. 

Market 
Price. 

1st  Mortgage  
2d  Mortgage  
8d  Mortgage  

$3,000,000 
1,(  100,000 
980.300 

7 
7 
7 

May  &  Nov. 
Feb.  &  Aug. 
Jan.  &  July. 

New  York. 

i(              U 

1873 
1864 
1867 

100 
100 
97 

Transfer  office,  Fourth  avenue,  corner  of  E.  26th 
street. 

Officers  of  the  Road, 
President — Cornelius  Vanderbilt. 
Vice-President— Wm.  H.  Vanderbilt. 
Superintendent — E.  A.  Chapin. 


236  STOCK    EXCHANGE    MANUAL. 

IV. 

HUDSON    RIYER   RAILROAD. 

The  Hudson  River  Railroad,  from  Albany  to  New 
York,  is  144  miles  long,  of  which  128  miles  have  a  double 
track.  The  number  of  engines  is  reported  as  64  and 
3  "  dummies."  First-class  passenger  cars,  104  ;  second- 
class,  11  ;  baggage,  mail,  and  express  cars,  25  :  freight 
cars,  679. 

The  capital  is  $4,000,000,  of  which  $3,770,926  59  is 
subscribed,  and  $3,758,466  59  paid  for.  The  com- 
pany in  1863  converted  $422,000  of  bonds  into  stock, 
making  the  entire  amount  paid  in  $4,442,023  08.  The 
indebtedness  of  the  road  was  $8,942,917. 

The  gross  earnings  of  the  road  were  $3,592,712  68, 
and  the  net  earnings  $1,844,287. 

The  earnings  for  the  first  six  months  of  the  present 
fiscal  year  (October  to  March  inclusive)  have  been 
$2,558,707,  against  $2,412,575  in  the  corresponding 
period  of  the  previous  year — showing  a  gain  of 
$146,136. 

Two  dividends  of  3  and  4  per  cent,  have  been  de- 
clared in  1863 ;  two  of  3  and  4  per  cent,  in  1864,  and 
one  of  5  per  cent.  April  10,  1865. 

A  bill  for  the  consolidation  of  the  Hudson  and  Har- 
lem Railroads  has  been  introduced  in  the  Legislature  at 
Albany.  Its  chief  provisions  are :  first,  that  the  roads 
shall  be  consolidated,  and  that  the  terms  of  consolida- 
tion shall  be  fixed  by  the  boards  of  directors  of  the 
two  companies,  and  shall  be  ratified  by  them,  and  not 
by  the  stockholders.  Accordingly  it  is  provided  that 
in  case  any  stockholder  of  either  of  the  two  roads  shall 


RAILROAD   STOCKS    AND   BONDS.  237 

refuse  to  accept  of  the  consolidated  stock,  the  board  of 
directors  shall  have  power  to  appoint  appraisers  to 
set  the  value  of  the  old  stock  belonging  to  the  reluc- 
tant stockholder,  and  the  award  of  such  appraisers 
shall  be  final. 

In  July,  1863,  that  stock  was  cornered  accidentally. 
In  a  dull,  inanimate  state  of  the  market,  the  chronic 
bears  were  amusing  themselves  by  "  hammering,"  i.  e., 
pressing  down  the  price  of  Hudson,  which  did  not  hap- 
pen to  have  any  particular  friend  in  the  Board.  This 
pastime  of  theirs  was  not  relished  by  a  large  holder  of 
Hudson,  then  disporting  himself  during  the  dog  days 
on  board  his  yacht ;  and  chancing  to  revolve  the  mat- 
ter in  his  head  as  he  lay  with  a  friend  on  a  pile  of 
deals  on  a  wharf  on  the  North  river,  one  morning  be- 
tween four  and  five,  it  occurred  to  him  that  with 
proper  ingenuity  a  rod  might  be  set  in  pickle  for  these 
transgressors.  Orders  went  that  morning  to  confiden- 
tial brokers  to  take  all  the  seller's  options  in  Hudson. 
This  was  repeated  for  several  days,  until  the  buyers 
had  a  pretty  large  pile  of  options.  Cash  stock  wTas  then 
taken  as  quietly  as  possible,  until  the  market  was  bare. 
A  brief  calculation  showed  that  the  buyers  had  secured 
either  as  cash  or  contract  stock  all  the  Hudson  in  ex- 
istence, with  the  exception  of  a  very  few  shares  which 
were  not  likely  to  come  on  the  market.  A  new  ma- 
noeuvre was  then  developed.  Application  was  made  to 
several  leading  bear  houses  to  turn  Hudson  ;  that  is  to 
say,  to  buy  it  for  cash  from  the  cornering  party,  and  to 
sell  it  back  to  them  on  buyer's  option  for  ten,  twenty,  or 
thirty  days.  This  indicated,  or  was  regarded  as  indi- 
cating weakness  on  the  part  of  the  cornerers ;  it  looked 
as  though  they  were  short  of  money.  The  bears  eagerly 


238  STOCK   EXCHANGE   MANUAL. 

"  turned  "  several  thousand  shares  for  the  usual  dif- 
ference, and  instantly  threw  on  the  market  the  cash 
stock,  which  the  cornerers  privately  bought. 

All  being  now  ripe,  the  trap  was  sprung.  There 
was  no  Hudson  to  be  had.  On  that  morning  when  the 
chief  of  the  party  lay  on  the  deals  thinking  of  his 
margins,  Hudson  was  112;  it  now  rose  to  180.  On  one 
hundred  shares  thoughtlessly  sold  the  loss  was  $6,800. 
There  could  not  have  been  less  than  50,000  shares 
contracted  to  be  delivered  to  the  party  which  had 
cornered  the  stock,  by  members  of  the  Board  and  others. 
Bear  cries  of  anguish  rose  to  heaven.  In  the  course  of 
a  day  or  two  the  clique  notified  the  parties  who  had 
turned  the  stock  to  deliver.  They  considered  themselves 
very  badly  treated.  They  claimed  to  have  turned  the 
stock  merely  to  oblige  the  bulls ;  and  now  to  be  asked 
to  lose  5,000  or  6,000  dollars  on  every  100  shares!  But 
the  bulls  were  inexorable.  They  must  have  their 
property.  They  would  lend  stock  at  the  modest  rate 
of  5  per  cent,  a  day.  Enormous  as  this  charge  was, 
there  were  many  who,  believing  that  the  corner  was  a 
mere  spasm  of  a  day  or  two,  paid  it  and  borrowed  stock. 
They  were  the  worst  punished  of  all.  The  corner  lasted 
many  days — over  two  weeks.  After  paying  5  per 
cent,  a  day  for  several  days,  the  victims  despaired  and 
bought  the  stock.  Never  in  its  history  had  Wall  street 
been  so  cruelly  scourged. 

But  the  natural  end  of  such  an  operation  is  to  load 
the  bulls  with  the  entire  capital  stock  of  the  concern 
cornered,  and  no  man  wants  to  buy  a  stock  which  has 
just  been  cornered.  Now  the  clique  in  Hudson  secured 
the  services  of  a  prominent  bear  broker,  and  directed 
him  to  sell  all  the  stock  he  could  on  seller's  option 


RAILROAD    STOCKS    AND    BONDS. 


239 


during  the  heat  of  the  contest.  While  the  unfortunate 
bears  were  buying  stock  for  delivery  at  170  @  180, 
the  broker  was  selling  at  140,  or  even  lower,  on  seller's 
thirty-days  option,  which  were  taken  by  many  in  the 
belief  that  he  was  prosecuting  the  contest,  and  would 
fail  in  the  end.  Whereas  when  most  of  the  stock 
really  sold  short  had  been  delivered,  and  the  bears 
squeezed  as  thoroughly  as  they  could  be,  the  clique 
quietly  delivered  the  stock  apparently  sold  short  by 
their  broker,  and  found  themselves  loaded  with  an 
exorbitant  amount  remaining. 

Statement  of  the  extreme  prices,  monthly  and  yearly, 
for  the  six  years  ending  March  31,  1865  : 


Jan.  . 

Feb.. 

March 

April 

M'ay.. 

June. 

July. 

August 

Sept. . 

October. 

Nov.. 

Dec.. 


49*37i©40     82    ©    98 
48*!35*@39£    91* 
47    35*@87*    95   ©  101* 
45* '35*  ©  36*  102*  @  117 
37*|36   @45    116   ©142* 
84*44   ©49^118    @  143* 
38"  43    @47i!l45   ©  180 
84*  44*  @  54*  141*  ®  153 
84  |50    @,  62£  128|  ©  150 
u*s  VS4*- 38i  61    @  79    181   @  141* 
36    @,  4lf72    ©  79  1121    @  134* 
33i  ©  39  1 72*  ©  77*  119*  @  129| 


Year.  .86   ©  66  |sii  ©  49*  35*  ©  79  I  82  ©  ISO 


95  ©115 
108*  @  116| 
101*  @114| 


107    ©  164 


Hudson  Ewer  Bonds. 


.* 

i 

I 

Description  of  Securities. 

Amount. 

Rate. 

When  Payable. 

Where  Payable. 

s 

1 

E* 

3 

$4,000,000 
2.000,000 
1,840,000 
1,002,000 

7     Feb.  &  Aug. 
7     'June  &  Dec. 
7     May  &  Nov. 

New  York. 

'69-'70  102 
1885    107 
1875    104 
1867      98 

2d  Mortgage  (8.  P.).... 

Convertible  

240  STOCK   EXCHANGE   MANUAL. 

Officers  of  the  Road. 

President — John  M.  Tobin. 
Vice- President — D.  Thomas  Vail. 
Superintendent — A.  F.  Smith. 
Transfer  office  in  New  York,  68  Warren  street. 


V. 

READING   RAILROAD. 

The  Philadelphia  and  Reading  Railroad,  one  of  the 
most  prosperous  of  the  United  States,  was  opened  in 
1842,  at  a  cost  of  $7,112,292.  It  earned  in  1843,  $394,- 
318.  Its  capital  account  had  increased  to  $28,000,000 
in  1864,  and  its  earnings  to  $9,000,000.  In  the  mean 
time,  $15,000,000  of  earnings  have  gone  into  construc- 
tion. 

The  following  tabular  statement  in  detail,  for  each 
branch  of  traffic,  shows  the  comparative  results  of  the 
year: 

1S68.  1864. 


Travel, 211, 972  Pass'rs,  $506,520     842,252  Pass'rs,    $909,832  Inc.  $343,362 =60T% 

Mdsc.,    647,863  Tons,       678,143     807,106  Tons,         953,776  "        280,633=41^ 

Coal,    8,065,261      "        4,897,200  8  065,577     "          7,203,775  "     2,306,575=47^ 

23,497  "           2,188=10^ 


Mail,       .        .  .  21,809 

Miscellaneous,  .  94,730 

Gross  Receipts,  .  6,252,902 

Gross  Expenses,  .  2,916,159 


178,411    "          83,681 =88^ 


9,269,341     "    3,016,439=48^ 
4,961,191    "    2,045,032=70rV 


Net  Profits,    .        .      $3,S36,743    .        .        .         $4,808,150      "    $971,407=29^ 

The  managers,  on  the  30th  of  November,  declared 
a  dividend  of  fifteen  per  cent,  on  common  and  preferred 
stock,  payable  in  stock,  on  the  31st  December.  This 
course  was  adopted  as,  by  delay,  the  holders  of  the  con- 


RAILROAD   STOCKS   AND   BONDS.  241 

vertible  bonds  could  have  collected  the  coupons,  due 
on  the  1st  inst.,  then  converted  the  bonds  into  stock,  and 
also  have  participated  in  the  dividend.  By  the  means 
thus  pursued,  no  injustice  was  done  to  the  bond- 
holder. 

The  managers  deem  it  proper  to  state  their  reasons 
for  not  making  a  larger  distribution  of  stock,  to  repre- 
sent the  value  of  the  new  property  acquired.  It  has 
cost  unusual  prices,  and  it  may  well  be  questioned 
whether  it  should  have  a  permanent  representation  in 
the  capital  stock,  at  the  high  rates  paid  for  it.  Other 
reasons  have  also  influenced  them.  Many  years  ago, 
during  the  construction  of  the  road,  and  subsequently, 
in  extending  the  bonded  debt,  large  sacrifices  were 
necessarily  made  to  obtain  the  required  funds,  and 
these  losses  were  charged  to  the  cost  of  the  works  or 
capital  account.  The  property  acquired,  during  the 
last  few  years,  in  excess  of  the  stock  divided,  reim- 
burses, to  a  considerable  extent,  the  losses  thus  in- 
curred. 

At  this  date,  the  following  lateral  and  branch  rail- 
roads are  worked  by  this  company:  Mine  Hill  and 
Schuylkill  Haven,  Little  Schuylkill,  Schuylkill  Valley, 
Mount  Carbon  and  Port  Carbon,  Mahanoy  and  Broad 
Mountain,  East  Mahanoy,  Union,  Good  Spring,  Mount 
Carbon,  Lorberry  Creek,  Mill  Creek,  Locust  Gap — all 
of  which  are  in  the  Schuylkill  coal  region,  and  on  nearly 
all  of  which  passenger  trains  are  run  daily.  Besides 
the  above  are  the  Lebanon  Valley  Branch,  Chester 
Valley,  West  Reading,  Port  Kennedy — all  of  which 
sixteen  roads  are  operated  by  the  company.  The  extent 
of  that  railway  has  reached  686  miles,  being  an  increase 
of  171  miles  over  1863. 
11 


242 


STOCK   EXCHANGE  MANUAL. 


Statement  of  the  extreme  prices,  monthly  and  yearly, 
for  the  six  years  ending  March  31,  1865  : 


January. 
February 
March... 

April 

May 

June 

July.... 

August 

September. 
October . . . 
November. 
December. 

Year... 


85  ©  79 


1863. 


lilt®  122 


77*  @  128 


111 


109*  @  117 
96   @114| 


111©  165 


Reading  Railroad  Bonds. 


Securities. 

Amount. 

Rate. 

When  Payable. 

Where  Payable. 

1 

} 

Bonds  of  1836,  (uncon- 
vertible) 
"          1836, 

$408,000 
182,400 

5 
ft 

Jan.  &  July. 

Philadelphia. 

1867 
1880 

ios" 

1849,        " 
"          1861, 

2,950,600 
110,000 

6 
6 

Apr.  &  Oct. 
Jan.  &  July. 

it 

1870 
1871 

98 
100 

"          1843, 

1,531,800 

6 

II 

188(1 

98* 

1844, 

810,000 

6 

((                   U 

« 

1880 

"          1848, 

101,000 

6 

U                   (( 

« 

1880 

98* 

"          18*9, 

67,000 

6 

(i           u 

« 

1880 

98£ 

1857,     (con- 

vertible)  2,480,500 
"          1856,        "        11,442,000 

6 

7 

(C              u 

11 
u 

1886 
1886 

114 
183 

Officers  of  the  Road. 

President— Charles  E.  Smith. 

Managers — S.  M.  FeltoD,  H.  Pratt  McKean,  A. 


RAILROAD   STOCKS   AND   BONDS.  243 

E.  Borie,  R.  B.  Cabeen,  J.  B.  Lippincott,  Moses  Tay- 
lor. 

Treasurer — Samuel  Bradford. 

Secretary — William  H.  Webb. 

Transfer  office  in  New  York,  56  Wall  street. 


VI. 

MICHIGAN  CENTRAL  RAILROAD. 

The  Michigan  Central  Railway,  extending  from 
Detroit  to  Chicago,  forms  one  of  the  great  connecting 
lines  of  communication  between  the  East  and  the  West. 

The  extent  of  that  railway  has  reached  329  miles. 
It  has  a  branch  commencing  at  Lake,  145  miles  south- 
east of  Chicago,  and  running  to  Joliet. 

The  net  receipts  of  the  road  for  six  months  ending 
1st  December,  after  deducting  operating,  interest,  and 
exchange  accounts,  but  excluding  the  amount  paid  to 
the  sinking  funds,  are  $480,213  60.  After  deducting 
the  amount  paid  to  sinking  funds,  the  balance  is 
$395,713  60.  Adding  the  balance  to  credit  of  this 
account,  June  1st,  $1,002,894  06  less  the  July  dividend, 
10  per  cent.,  $787,773,  the  amount  to  credit  of  income 
account  is  $600,834  66. 

A  dividend  of  6  per  cent,  has  been  declared,  payable 
January  3,  1865,  which  leaves  a  balance  to  income 
account  of  $201,948  66. 

The  company  is  free  from  floating  debt. 

The  earnings  for  the  month  of  March,  1865,  were 
$344,228  00 ;  corresponding  month  of  previous  year, 
$348,802  00;  decrease,  $4,5 74  00. 


244 


STOCK    EXCHANGE   MANUAL. 


Statement    of   the   extreme   prices,    monthly   and 
yearly,  for  the  six  years  ending  March  31,  1865  : 


Jan.... 
Feb..., 


Year... 


9S*  1181 
98*  1811 
104*136 
105  136 
124}  129* 
124*  133 
116*  1811 


128 
128* 


123*  114* 


1281 


137 
123* 


1241 
115 


157 


Michigan    Central  Bonds. 


Securities. 

Amount. 

~ 

When  Payable. 

Where  Payable. 

Whe« 
Dae. 

Market 
Price. 

1st  Mortgage  Ster- 

467,489 

0 

Jan.  &  July. 

London. 

1872 

98 

1st  Mortgage  St'g 
(convertible)  — 
1st  Mortgage  (con- 
vertible)"Dollar. 
1st  Mortgage  (con- 
vertible) Dollar 

500,000 
2,280,500 
215000 

; 

S 

March  &  Sept. 
April  &  Oct 

N.  Y.  &  Boston. 

1869 
1869 

1882 

84 
110 
114 

1st  Mortgage  S.  F. 
(convertible)  — 

4,828,000 

8 

,               u 

1882 

114 

Officers  of  the  Road. 

President — J.  W.  Brooks. 
Superintendent — R.  N.  Rice. 
Treasurer — Isaac  Livermore. 
Transfer  office  in  New  York,  56  Wall  street. 


RAILROAD   STOCKS   AND   BONDS.  245 

VII. 

MICHIGAN  SOUTHERN  RAILROAD. 

The  Michigan  Southern  and  Northern  Indiana  com 
mences  at  three  very  important  points,  viz.:  Toledo. 
Ohio  ;  Detroit  and  Monroe,  Michigan,  passing  through 
a  beautiful  fertile  country,  and  terminating  at  Chicago, 
Illinois. 

The  length  of  the  different  lines  owned  and  operated 
by  this  company  is  523  miles. 

The  capital  stock  is  $9,720,200,  divided  in  75,366 
shares  of  common  stock,  and  21,836  of  guaranteed 
stock,  making  a  total  of  97,202. 

The  gross  earnings  for  the  year  amounted  to $4,289,465  73 

The  operating  expenses  were 2,408,352  17 

Net  earnings $1,881,113  56 

The  proportion  of  operating  expenses  to  earnings 
was  56  14-100  per  cent. 

The  increase  of  earnings  over  last  year  was $905,171  50 

Whereof  the  gain  on  passenger  earnings  was 630,932  25 

And  on  freight  and  miscellaneous  earnings 274,239  25 

A  noticeable  feature  of  the  traffic  of  the  road  will 
be  seen  in  comparing  the  sources  of  receipts  of  the 
previous  year  with  those  of  the  year  just  closed. 

The  earnings  from  passengers  amounted  to  $1,875,- 
061  50  ;  while  those  of  the  previous  year,  from  the 
same  source,  were  but  $1,244,129  25;  showing  a- gain 
of  50r7o-  per  cent.  This  increase  is  not  alone  due  to  the 
movement  of  Government  troops,  nor  to  the  brief 
period  in  the  inclement  winter  when  the  passport  order 


246  STOCK    EXCHANGE   MANUAL. 

unfavorably  affected  the  travel  on  competing  lines 
through  Canada  ;  but  is  more  truly  an  indication  of  the 
great  prosperity  of  local  towns  along  this  line,  giving  to 
the  road  a  large  increase  of  way  travel,  and  of  the  ac- 
tivity that  pervades  the  entire  Northwest  in  its  rapid 
growth  and  development. 

The  receipts  from  freight  traffic  were  $2,242.972  10 ; 
and  those  of  the  preceding  year  were  $2,016,850  79  ; 
showing  a  moderate  gain  of  11.21  per  cent. 

Various  causes  have  operated  to  produce  this  re- 
sult. The  fluctuations  of  the  market  have  affected  all 
products  upon  which  the  road  is  chiefly  dependent  for 
this  class  of  business.  The  decline  in  prices  soon  after 
harvest  greatly  diminished  the  quantity  of  grain  moved 
from  the  local  stations,  during  the  months  which  usu- 
ally yield  the  largest  revenue  from  the  transportation 
of  the  fall  crop.  It  is  believed,  however,  that  the 
region  of  country  tributary  to  this  road  still  retains  a 
considerable  portion  of  the  old  crop,  to  be  transported 
the  ensuing  season. 

Another  cause  is  the  complete  inadequacy  of  the 
lines  which  connect  with  this  road,  and  reach  the  sea- 
board, to  transport  the  property  which  presses  upon 
the  road  in  the  winter  and  during  the  close  of  navi- 
gation. 

The  amount  of  net  earnings,  $1,881,113  56,  afforded 
income  sufficiently  large  to  meet  the  payments  matur- 
ing during  the  year  for  rental,  taxes,  interest  on  the 
bonded  debt,  the  year's  contribution  to  the  sinking 
fund,  and  the  ten  per  cent,  dividend  on  the  guaranteed 
stock,  in  all  $1,137,221  69,  leaving  a  surplus  of  $743,- 
891  87  ;  equal  to  nearly  ten  per  cent,  on  the  common 
stock. 


KAILKOAD    STOCKS   AND   BONDS.  247 

Two  dividends  of  5  per  cent,  each,  less  the  Govern- 
ment tax,  were  paid  in  August  and  February,  on  the 
guaranteed  stock,  and  one  of  3|  per  cent,  free  of 
Government  tax,  in  August  last,  on  the  common  stock. 
The  February  dividend  of  3|  per  cent,  on  the  common 
stock  was,  in  consequence  of  some  contemplated  settle- 
merits  with  holders  of  the  guaranteed  stock  requiring 
time  for  the  reception  of  their  assents,  postponed  until 
March  1st,  on  which  date  it  was  paid,  thus  throwing 
forward  the  actual  payment  into  the  new  fiscal  year, 
though  paid  from  the  earnings  of  the  past  year.  The 
amount  of  the  two  dividends  on  common  stock  thus 
paid  is  $555,328  40. 

Difficult  questions  have  been  pressed  upon  the 
consideration  of  the  board,  by  the  claims  of  a  large 
number  of  holders  of  guaranteed  stock  for  back  divi- 
dends, under  the  obligations  that,  it  is  contended, 
were  created  at  the  period  of  its  original  issue,  to 
guarantee  yearly  dividends  of  ten  per  cent.  Under  this 
pretext  there  is  a  default  of  over  five  years  interest  on 
said  guaranteed  stock,  prior  to  the  time  when  the  pre- 
sent administration  paid  the  first  dividend  on  said 
stock. 

The  persistent  demands  of  strong  and  influential 
holders  for  such  accumulated  interest,  were  not  re- 
sponded to  by  the  board,  and  suits  to  recover  the  back 
interest  were  instituted.  After  careful  examination  of 
the  intricate  questions  of  liability  involved,  by  eminent 
counsel,  it  was  advised  by  them  that  while  the  claims 
would  admit  of  a  line  of  defence,  yet  they  would  lead  to 
a  costly  and  vexatious  litigation,  calculated  to  array  the 
different  interests  in  both  classes  of  stock  against  each 
other  at  the  risk  of  great  and  permanent  detriment  to 


248  STOCK   EXCHANGE    MANUAL. 

all  concerned ;  under  such  advisement,  and  after  con- 
ferring with  a  large  number  of  stockholders  controlling 
a  majority  of  the  stock,  it  was  deemed  best  to  conclude 
an  amicable  arrangement  of  compromise  with  the 
guaranteed  stockholders,  and  such  an  agreement  as  was 
satisfactory  to  a  large  majority  of  them  was  effected  in 
the  month  of  January  last.  The  terms  thereof  are  set 
forth  in  the  following  circular  issued  by  the  treasurer 
on  the  12th  day  of  January  last,  to  the  guaranteed 
stockholders : 

To  THE  GUARANTEED  STOCKHOLDERS  : 

In  order  to  reconcile  conflicting  interests  in  dispute,  growing 
out  of  a  claim  made  by  a  portion  of  the  guaranteed  stockholders  for 
back  dividends,  this  Company  has  consented,  as  a  compromise,  to 
accept  of  a  proposition  made  by  parties  owning  and  representing  a 
large  majority  of  the  guaranteed  stock,  and  by  parties  who  have 
heretofore  brought  suits  for  back  dividends  against  this  Company 
which  suits  are  now  on  this  settlement  withdrawn.  The  Company, 
deems  it  but  just  to  offer  the  same  terms  of  settlement  to  the 
remaining  stockholders  as  hare  been  accorded  to  the  majority 
above  named,  viz. : 

In  addition  to  the  5  per  cent,  cash  dividend,  payable  on  the  first 
day  of  February  next,  this  Company  is  ready  to  issue  to  the  guar- 
anteed stockholders,  common  stock  at  par,  to  the  extent  of  30  per 
cent,  of  the  guaranteed  stock  held  by  them  in  full  payment  of  all 
claims  for  dividends  and  interest  accruing  prior  to  February  1st, 
1863,  indorsing  such  payment  upon  the  face  of  the  guaranteed 
stock  certificates.  All  common  stock  so  issued  prior  to  the  closing 
of  the  common  stock  books  on  the  fourteenth  of  February  proximo, 
will  be  entitled  to  the  three  and  a  half  per  cent,  dividend  on  com- 
mon stock,  payable  first  of  March,  1865. 

HENRY  KEEP,  Treasurer. 

By  this  measure  it  was  hoped  the  last  important 
question  likely  to  arise  from  former  embarrassments 


RAILROAD    STOCKS    AND    BONDS. 


249 


had  passed  away ;  but  in  a  short  time  certain  parties 
procured  a  temporary  injunction,  restraining  the  direc- 
tors from  proceeding  with  the  settlement.  A  hearing 
in  the  case  has  been  had  before  the  courts,  and  their 
decision  is  pending. 

Statement   of   the   extreme   prices,   monthly    and 
yearly,  for  the  six  years  ending  March  31,  18C5  : 


Year. . . 


Year 


Michigan  Southern  Guaranteed  Stock. 


11* 


250 


STOCK   EXCHANGE   MANUAL. 


Michigan  Southern  Bonds. 


Securities.              |    Amount. 

1 

7 

7 
7 

7 
7 
7 
7 

7 
7 

w*.  *,*..;  P:;s. 

When 
Due. 

Market 
Price. 

Michigan     Southern, 
1st  $2,000 

May  &  Nov. 

Feb.  &  Aug. 
March  &  Sept. 

Feb.  <fc  Aug. 

((                       4. 

May  &  Nov. 

New  York- 

U               ti 

1860 

1861 
1862 

1863 
1865 
1868 
1876 

1885 
1877 

100 
107 

81 
88 
100 
93 

103 
92 

Northern        Indiana, 
1st                     .                  21  000 

Erie  and  Kalamazoo.          41,000 
Northern  Indiana,  con- 
vertible             10000 

Jackson  Branch  77,000 
Qoshen  Air  Line  693,000 
Detroit  and  Toledo.  .  .         78-1,000 
1st  General  Mortgage 
(8   F)  ...        .            4512000 

2d  General  Mortgage.      2,194,500 

Officers  of  the  Road. 

Directors — Henry  Keep,  New  York;  Le  Grand 
Lockwood,  New  York ;  Albert  Havemeyer,  New 
York;  Milton  Courtright,  New  York;  D.  N. 
Barney,  New  York ;  John  P.  Acker,  New  York ; 
Hamilton  White,  Syracuse,  N.  Y:;  Nelson  Beardsley, 
Auburn,  N.  Y.;  William  Keep,  Lockport,  N.  Y. ;  Wil- 
liam Williams,  Buffalo,  N.  Y. ;  John  S.  Barry,  Constan- 
tine,  Michigan  ;  Philo  Morehous,  Eikhart,  Indiana ;  M. 
L.  Sykes,-Jr.,  Chicago,  Illinois. 

President — M.  L.  Sykes,  Jr.,  office,  Toledo,  Ohio. 

Vice-President — Albert  Havemeyer,  office,  New 
York. 

treasurer — Henry  Keep,  office,  New  York. 

Secretary — D.  P.  Barhydt,  office,  New  York. 

General  Superintendent — H.  H.  Porter,  office,  Tole- 
do, Ohio. 

Transfer  office  in  New  York,  1 8  William  street. 


KAILKOAD   STOCKS   AND   BONDS.  251 

VIII. 

ILLINOIS   CENTRAL   KAILKOAD. 

This  railroad  runs  from  Cairo  to  Chicago  and  to 
Dunleith,  706  miles. 

'The  report  for  1864  is  very  favorable,  and  much 
more  so  than  its  managers  expected  early  in  the  year~ 

There  has  been  a  very  active  demand  for  laud — 
3,501  purchasers  for  264,432  05  acres,  averaging  $10  96 
per  acre,  for  $2,898,980  19.  These  sales  are  widely  dis- 
tributed and  in  small  tracts.  On  the  majority  of  them 
one  fourth  of  the  purchase  is  paid  in  cash,  and  the  balance 
payable  in  one,  two,  and  three  years,  with  six  per  cent, 
interest,  payable  annually  in  advance.  A  very  thorough 
examination  and  adjustment  of  the  sales  made  in  pre- 
vious years  has  been  carried  out.  The  arrears  of  in- 
terest have  been  generally  paid.  The  policy  of  the  de- 
partment has  been  liberal  to  the  party  actually  settled 
upon  and  working  the  land.  Great  care  has  been  taken 
not  to  dispossess  any  man  making  an  honest  effort  to 
work  his  farm,  and  this  course  has  established  con- 
fidence In  the  company. 

At  the  close  of  the  year  there  were  upwards  of 
15,000  individual  accounts  on  the  books  of  the  office, 
and  no  suit  or  claim  pending  in  the  courts  in  relation 
to  any  one  of  them  ;  the  balance  of  notes  and  contracts 
on  hand  is  $9,357,692  56.  There  are  still  1,110,553.51 
acres  of  land  for  sale.  The  collections  were  double 
those  of  any  previous  year — $2,575,928  45  ;  of  this 
sum  $1,440,090  56  was  paid  for  1,200,000  construction 
bonds,  which  have  been  cancelled. 
-  "  This  property,"  says  the  report,  "  now  consists  of 


252  STOCK   EXCHANGE   MANUAL. 

706  miles  of  railway,  105  of  sidings  and  double  track, 
of  130  engines,  and  3,500  cars.  The  machine  shops  are 
well  furnished ;  the  facilities  for  building  locomotives 
and  cars  are  ample.  A  very  large  outlay  has  been  made 
at  Chicago  and  Cairo  for  depot  and  station  accommo- 
dations. I  do  not  know  that  the  company  will  require 
any  more  land  at  any  of  its  stations  for  many  years ; 
two  thirds  of  the  structures  on  the  road  are  of  iron  or 
masonry;  the  cost  of  the  property  stands  upon  the 
books  at  $50,000  per  mile,  and  besides  the  income  from 
the  railway,  you  will  have  for  many  years  a  large  rev- 
enue from  the  land.  We  have  the  right,  by  paying  an 
annual  rent,  to  run  our  freight  trains  over  the  Peoria 
road,  which  connects  our  main  line  with  the  Chicago 
branch ;  the  company  has  no  other  engagement  involv- 
ing liability ;  it  has  no  interest  in  other  railway  lines, 
and  has  adhered  thus  far  strictly  to  the  policy  of  taking 
no  share  in  extensions  by  branches  or  otherwise,  and  is 
free  at  this  time  from  litigation  or  controversy  of 
moment.  The  first  debt  which  matures  is  due  in  1875, 
ten  years  hence." 

The  gross  earnings  for  1864  have  been  $6,329,447  20  ; 
and  the  net  earnings  from  the  road  and  from  the  land, 
$3,547,387  97. 

A  dividend  of  5  per  cent,  has  been  declared,  Feb.  1, 
1865.  Stockholders  in  1865  may  expect  an  increase  in 
the  rate  of  dividends,  if  its  earnings  are  not  devoted  to 
paying  oif  some  of  the  bonds. 

For  the  first  three  months  of  this  year  the  earnings 
have-  been  $1,6*01,241,  against  $1,204,250  in  the  first 
three  months  of  1864 — showing  a  gain  of  $456,991. 

Of  the  255,000  shares,  211,081  only  have  been  is- 
sued and  paid  in  full,  $21,108,100. 


RAILROAD   STOCKS   AND   BONDS. 


253 


It  will  be  observed  that  the  cost  of  the  property  of 
the  company  exceeds  the  amount  of  share  capital  and 
debt;  if  the  shareholders  desire  that  the  amount  of 
capital  issued,  in  the  form  of  debt  and  stock,  shall  re- 
present the  cost  of  the  property,  and  shall  express  this 
desire  at  the  next  annual  meeting  of  the  shareholders, 
the-  directors  will  doubtless  authorize  the  distribution 
among  the  shareholders  of  the  requisite  number  of 
shares. 

Statement  of  the  extreme  prices,  monthly  and 
yearly,  for  the  six  years  ending  March  31, 1865  : 


Year 


Illinois  Central  Bonds. 


Securities 

Amount.  ' 

A 
I 
X. 

When  Payable. 

Where  Payable. 

When 
Due. 

Market 
Price. 

OptionalKight  bonds 
Construction  

$33,000 
11,432,500 
2,896,500 
287,000 

1 
1 
r, 
8 

Jan.  &  July. 
April  &Oct. 

March  «fc  Sept. 

New  York. 
London. 
New  York. 

1868 
18T5 
1875 

1S65 

iio 

Construction  

Eight  peK  cent,  boncla 

Board  of  Directors. 
His  Excellency  Richard  J.  Oglesby,  Governor  of 


254  STOCK   EXCHANGE   MANUAL. 

Illinois ;  Henry  Chauncey,  E.  H.  Sheldon,  John  M. 
Douglas,  Thomas  E.  Walker,  Wilson  G.  Hunt,  W.  R. 
Arthur,  James  Caird,  M.  P.,  Cunningham  Borthwick, 
H.  H.  Hunnewell,  Abram  S.  Hewitt,  Wm.  Tracy,  W. 
II.  Osborn. 

Transfer  office  in  New  York,  31  Nassau  street. 

IX. 

CLEVELAND  AND  PITTSBUEG  EAILROAD. 

This  road  is  located  between  Cleveland  and  Pitts- 
burg,  a  distance  of  150  miles ;  with  some  connections, 
the  company  has  203  miles  of  track. 

The  financial  condition  of  the  company  is  sound  and 
prosperous.  The  company  has  no  floating  debt  which 
cannot  be  paid  from  the  debts  due,  and  all  its  engage- 
ments are  promptly  met.  The  payment  of  two  divi- 
dends of  four  per  cent,  each  has  been  made  during  the 
year.  * 

.  The  earnings  of  the  road  for  the  year  have  been 
much  larger  than  eve.r  before,  and  indeed  have  exceeded 
the  anticipations  of  the  most  sanguine  friends  o£  the 
company.  The  aggregate  is  over  two  and  a  half, 
millions  of  dollars.  The  amount  of  business  which  has 
been  done  upon  the  road  has  taxed  its  capacity.  The 
machinery  and  rolling  stock,  which  were  regarded  as 
only  amply  sufficient  for  the  amount  of  business  done 
three  years  ago,  with  such  additions  as  the  directors 
have 'been  able  to  make,  have  hardly  been  adequate  to 
the  enhanced  business  which  has  been  imposed.  If  the 
companyhad  had  more  cars  and  more  locomotives  the 
receipts  of  the  company  might  easily  have  been  largely 


RAILROAD   STOCKS   AND   BONDS.  255 

increased,   without   a   proportionate    increase    of   ex- 
penses. 

The  great  increase  of  freight  upon  the  road  has 
come  in  a  very  important  degree  from  two  articles  of 
traffic  which  may  -be  considered  the  staples  of  the 
road,  naturally  and  legitimately  belonging  to  it.  These 
articles  are  coal  and  the  iron  ore  of  Lake  Superior. 
The  coal  interest  was  one  of  the  principal  agencies  in 
planning  and  building  this  road,  and  those  early  pro- 
jectors of  the  enterprise  have  always  looked  to  the 
development  of  the  coal  mines 'on  the  line  of  the  road 
as  a  sure  and  steady  means  of  remuneration.  The  coal 
trade  has  from  the  first  held  an  important  place  among 
the  various  sources  of  revenue  to  the  road.  It  has 
steadily  increased  with  the  progress  of  years,  and  as 
manufacturing  has  been  more  extensively  undertaken, 
and  as  new  demands  for  coal  from  regions  before  un- 
supplied  have  arisen,  the  transportation  over  this  road 
has  been  greatly  increased  in  amount.  The  projectors 
of  the  road  were  not  mistaken — the  coal  trade.is  a  large, 
increasing  and  permanent  source  of  revenue.  The  other 
item  of  freight,  which  has  increased  very  largely,  is  the 
iron  ore  of  Lake  Superior.  The  city  of  Pittsburg  has 
long  been  one  of  the  largest  manufacturers  of  iron  in 
the  whole  country.  No  route  offers  so  direct,  conve- 
nient, expeditious  and  cheap  a  transit  from  the  mines  to 
Pittsburg  as  is  furnished  over  this  road.  At  other 
points  too,  besides  Pittsburg,  iron  ore  is  demanded 
for  manufacturing,  and  from  the  first  opening  of  the 
mines,  this  item  of  freight  has  been  looked  to  confident- 
ly to  supply  an  important  amount  of  revenue  to  the 
company.  This  too  has  been  steadily  increasing  in 
importance,  and  for  the  la^t  year  rapidly,  and  seems 


256 


STOCK   EXCHANGE    MANUAL. 


likely  to  increase  still  more  rapidly  in  future  years.  Its 
importance  can  hardly  be  over  estimated,  as  the  demand 
for  materials  of  iron  and  the  increase  of  iron  manufac- 
tories abundantly  testifies. 

When  it  is  remembered  that  four  years  ago  the 
gross  receipts  were  only  a  million  of  dollars,  and  it  is 
now  shown  that  the  road  has  earned  a  million  of  dollars, 
after  paying  all  expenses,  a  correct  idea  of  the  growth 
of  the  business  and  the  increase  of  its  development  may 
be  obtained.  Notwithstanding  the  increased  price  of 
materials  for  the  repair  and  management  of  the  road, 
and  notwithstanding  the  increased  cost  of  labor,  the 
company  still  shows  a  net  profit  this  year  equal  to  the 
gross  receipts  of  four  years  ago. 


Cleveland  and  Pittsburg  Bonds. 


Securities. 

Amount. 

a 

Interest  Periods. 

Where  Payable. 

3 
C 

| 

Ma.ket  Price. 

1st  Mortgage  (Main  Line)... 
2d  Mortgage    (M.  L.)  or  1st 

$800,000 
1  1S9000 

7 
1 

Feb.    &   Aug. 
March  &  Sept. 

N.  Y. 

u 

I860 

1S73 

100 

3d   Mortgage   (M.  L.)   or  2d 

1  166  000 

7 

M 

1875 

qo 

4th  Mortgage   (M.  L.)  or  3d 
Extension  

1,059028 

fi 

Jan.    &.   July 

M 

1892 

771 

Bivcr  Line  bonds  

20,000 

7 

1SS7 

Board  of  Directors. 

President  and  General  Superintendent — J.  N".  Mc- 
Cullough. 

Vice-president — James  F.  Clark. 

Secretary  and  Treasurer — Edward  Rockwell. 


RAILKOAD   STOCKS   AND    BONDS.  257 

Superintendent — J.  H.  Devereux. 

Directors — J.  N.  McCullough,  Cleveland ;  James 
F.  Clark,  Cleveland ;  C.  A.  Read,  Cleveland  ;  W.  W. 
Holloway,  Bridgeport ;  P.  F.  Geisse,  Wellsville  ;  David 
Gibson,  Cincinnati ;  Charles  R.  Carroll,  New  York ; 
George  M.  Ives,  Hartford ;  H.  C.  Kingsley,  New  Haven ; 
Noah  L.  Wilson,  New  York ;  B.  F.  Jones,  Pittsburg ; 
Joshua  Hanna,  Pittsburg. 

Transfer  office  in  New  York,  56  Wall  street. 


X. 

CLEVELAND   AND   TOLEDO    RAILROAD. 

The  earnings  and  expenses  of  this  road  for  the  fiscal 
years  ending  April  30,  1863  and  1864,  have  been  as 
follows : 

Earnings:  1863.  1864. 

From  passengers $564,536  82       $784,059  41 

"      freight,  mail,  &c 797,000  44         907,206  42 

$1,361,537  26    $1,691,265  83 
Expenses $544,482  49       $797,870  37 

Earnings  less  expenses $817,054  77      $893,395  46 

Rents,  interest  on  bond  debt,  etc 372,203  11         208,350  04 

Netincome $444,85166       $585,04542 

Dividend  Oct.  26,  1863,  4  per  cent. 

on  $3,722,800  stock $148,912  00 

Dividend  April  23,  1864,  4  per  cent. 

on  $4,573,800  stock. 188,610  30         337,522  30 

Balance..  $247,523  12 


258  STOCK   EXCHANGE  MANUAL. 

.  Which  balance  is  equal  to  a  dividend  of  5.3  per 
cent,  on  the  present  capital  of  the  company,  and  has 
been  appropriated  as  follows : 

Redemption  of  bonded  debt $99,605  00 

157  freight  cars  built  by  the  company 85,418  12 

5  new  locomotives  bought  and  constructed 62,500  00 


$247,523  12 

The  earnings  for  the  year  ending  April  30,  1864, 
show  an  increase  over  those  of  1862-'3  of  $329,728  57  ; 
with  an  increase  in  expenses,  including  interest,  taxes, 
rents,  etc.,  of  $189,534  81  ;  making  the  increase  in  net 
income,  $140,193  76. 

The  equipment  of  the  road  consists  of  37  locomo- 
tives; 30  passenger,  8  emigrant,  12  baggage,  4  mail, 
419  box  and  stock,  87  rack,  130  platform,  and  8  board- 
ing cars. 

GENERAL  BALANCE  SHEET. 

Construction— cost  of  road  to  date $6,699,373  33 

Union  passenger  depot  at  Cleveland   18,572  95 

Equipment 693,257  50 

Materials  on  hand 226,12047 

Real  estate. 41,564  86 

Stocks  and  bonds  of  other  companies 65,025  00 

Bills  receivable 36,891  04 

Cash  and  cash  items 136,462  81 

Due  company  on  military  and  other  accounts 22,598  06 

Sundry  book  accounts  not  available 4,350  70 

Sinking  fund 172,790  89 

$8,107,007  61 


KAILKOAD   STOCKS   AND   BONDS. 


259 


Capital  stock $4,654,800  00 

Bonded  debt 2,439,990  00 

Construction  fund,  balance 1,928  60 

Iron  taken  from  Northern  division,  and  charged 

roadmaster's  dep't 115,60000 

Bills  payable 4,989  20 

Unpaid  approved  bills 8,884  82 

"     '  pay  rolls 1,608  21 

Dividends  not  called  for 9,383  00 

Coupons  not  presented 9,118  95 

Sundry  unsettled  accounts 10,141  72 

Due  other  companies 7,602  96 

Portion  of  May  earnings  used 73,019  66 

Income  account,  balance  June  1,  1864 769,940  49 


$8,107,007  61 

No  new  report  has  yet  been  published. 

Three  dividends  have  been  declared  since  April  30, 
1864,  viz.:  10  per  cent,  in  August;  5  per  cent,  in 
December,  and  5  per  cent,  in  April,  1865. 

Statement  of  the  extreme  prices,  monthly  and  year- 
ly, for  the  six  years  ending  March  31,  1865. 


20i©33f 


3S£  ©  42£ 
40|  ©  46 
44S  ©  47| 
40J  ©  46 
41$  ©  47 J 

45  ©49J 
46f  @  54^ 
52i  ©  69' 
67*  ©  73 


70    @  77| 


3Si  ©  771 


69J  112 
-  114 


66J  ©  70*  113   ©11 
109   ©121 


77i  ©128  I 


260  STOCK   EXCHANGE   MANUAL. 

Cleveland  and  Toledo  Railroad  Bonds. 


Description  of  Securities. 

Amount. 

, 

£ 

When  Payable. 

Where 
Payable. 

When 
Due. 

Market 
Price. 

Junction  1st  Mortgage 
1st  Div  

$244,000 
161,000 
9,000 
250 
119,000 
167,000 
123,560 
6,000 
1,802,000 

7 
7 
7 
7 
7 
7 
7 
7 
7 

April  &  Oct. 
June  &  Dec. 
Feb.  &  Aug. 
March  &  Sept. 
Jan.  &  July. 

April  &  Oct. 
March  &  Sept 
Jan.  A  July. 

New  York. 
New  York. 

1867 

1872 
1863 
1863 
1864 
1864 
1865 
1870 
1885 

10U 
101J 
75 
75 

70 
97 

Junction  1st  Mortgage 
2d  Div  .  .. 

Toledo,   Nor.    &  Cleve- 
land 1  st  Mortgage  .... 
C.  and  T.  lucome'Mort- 

C.  and  T.  Income  (con- 
vertible) 

C.  and  T.  Income  (con- 
vertible) ...... 

C.  and  T.  Dividend  (con- 

C.  and  T.  Income  (con- 
vertible)   

C.  and  T.  (S.  F.)  Mort- 
gage    '  

.Board  of  Directors. 

President — John  Gardiner. 

Directors — John  Gardiner,  Henry  Keep,  D.  N. 
Barney,  A.  H.  Barney,  E.  T.  H.  Gibson,  James  Mason, 
T.  P.  Handy,  T.  H.  Hoag,  S.  M.  Young. 

Superintendent — L.  D.  Rucker. 

Treasurer— H.  C.  Luce. 

Transfer  office  in  New  York,  7  Nassau  street. 


XI. 


CHICAGO  AND   NOETHAVESTEEN   EAILEOAD. 

In  conformity  with  general  and  special  acts  of  the 
Legislatures  of  Illinois  and  Wisconsin,  and  of  the 
affirmative  vote  of  a  majority  of  the  stockholders  of  the 


RAILROAD    STOCKS    AND    BONDS.  261 

Galena  and  Chicago  Union  Railroad  Company  and  of 
the  Chicago  and  Northwestern  Railway  Company,  these 
two  companies  were  by  the  action  of  their  respective 
stockholders  and  boards  of  directors  duly  consolidated 
in  one  company  under  the  name  and  title  of  the 
Chicago  and  Northwestern  Railway  Company,  on 
June  3,  1864. 

The  basis  and  terms  of  this  consolidation  are  sub- 
stantially as  follows : 

For  each  share  of  Galena  and  Chicago  Union  Rail- 
road Company's  stock  the  holder  will  receive  one  share 
of  the  preferred  stock  and  one  share  of  the  common 
stock  of  the  consolidated  Chicago  and  Northwestern 
Railway  Company,  and  three  dollars  in  money.  The 
preferred  stock  of  this  company  to  be  issued  in  exchange 
for  the  stock  of  the  Galena  Company  is  entitled  to  pre- 
ferences to  the  aggregate  extent  of  10  per  cent,  in  the 
dividends  which  may  be  declared  in  any  one  year,  out 
of  the  net  earnings  of  such  year,  in  manner  following, 
to  wit :  First  to  a  preference  of  7  per  cent.,  and  after 
dividends  of  7  per  cent,  on  the  common  stock,  then 
secondly  to  a  further  preference  of  3  per  cent. ;  after,  a 
further  dividend  of  3  per  cent,  on  the  common  stock 
— both  classes  of  stock  shall  be  entitled  to  equal  rates 
per  share  in  any  further  dividends. 

The  advantages  which  it  is  claimed,  and  we  believe 
generally  conceded,  will  result  from  this  consolidation, 
are  many,  only  a  few  of  which  we  need  stop  here  to 
notice.  In  the  first  place  both  roads  can  be  operated 
with  much  greater  economy,  as  but  one  set  of  officers 
will  need  to  be  employed,  thereby  reducing  largely  the 
expenses  of  management.  If  a  pressure  of  business 
occurs  on  one  line,  extra  trains  can  readily  be  transferred 


262  STOCK  EXCHANGE  MANUAL. 

from  one  to  the  other,  and  the  rolling  stock  of  the 
company  can  therefore  be  made  more  effective  and  to 
earn  a  much  larger  percentage  upon  its  cost.  If,  for 
instance,  the  crops  are  very  heavy  on  the  Dixon  Air  Line, 
and  light  above  Janesville,  or  vice  versa,  the  interest  of 
both  the  road  and  the  public  will  be  promoted  by 
transferring  an  extra  number  of  freight  trains  to  the 
place  where  their  services  are  needed. 

A  matter  of  more  importance  to  the  stockholders  is 
the  fact  that  ruinous  competition  will  be  entirely  avoid- 
ed. Such  was  their  location  and  mutual  relations  to 
each  other,  the  competition  was  constantly  reducing  the 
price  of  passage  and  freight  below  the  actual  cost  at 
which  the  roads  could  do  the  business.  It  may  be  said 
that  the  public  will  lose  what  the  roads  will  gain  by 
an  increase  of  prices  at  competing  points  ;  but  unless 
the  new  company  adopt  extortionate  rates,  the  charge 
is  a  fallacy,  for  however  it  may  affect  individuals,  if 
economically  managed,  it  is  the  real  interest  of  the  public 
that  all  great  thoroughfares  like  railways  should  pay  a 
fair  dividend  upon  their  cost.  Each  of  the  old  com- 
panies will  also  be  prevented  from  building  competing 
lines  and  extensions,  and  the  whole  energies  of  their 
consolidated  strength  can  be  directed  to  reaching  those 
points  which  form  the  natural  Northern  and  Western 
termini  of  the  road. 

Three  great  points  remain  to  be  reached — Mar- 
quette,  and  perhaps  also  some  place  in  the  copper  dis- 
trict of  Lake  Superior;  St.  Paul,  Minnesota;  and 
Omaha  on  the  Missouri.  With  the  prospective  early 
commencement  of  the  Great  Central  Pacific  Railway, 
Omaha  is  at  present  the  more  important  of  the  three  ; 
and  besides  there  is  now  less  road  to  build  to  give  the 


KAILROAD    STOCKS    AND   BONDS.  263 

company  the  control  of  the  large  trade  of  the  Platte 
Valley.  The  line  is  finished  to  Boonesboro,  on  the  Des 
Homes,  leaving,  if  we  mistake  not,  considerably  less 
than  one  hundred  and  fifty  miles  of  road  to  build  to 
reach  Omaha.  The  best  interests  of  the  company  and 
of  the  country  require  that  this  most  important  line 
should  be  completed  before  the  close  of  the  year 
1865. 

With  so  wealthy  and  so  powerful  a  company,  the 
time  of  its  reaching  St.  Paul  and  Lake  Superior  need 
not  be  delayed  many  years.  Eighteen  hundred  and 
seventy  ought  to  see  them  fully  completed.  Thirty 
miles  of  the  Pacific  Railway  northwest  of  St.  Paul  are 
completed  and  in  operation,  and  as  much  more  will  be 
added  during  the  present  season.  The  sooner  the 
Northwestern  makes  a  connection  with  this  road  the 
better.  The  line  from  Little  Bay  du  Noquet  north,  to 
connect  at  the  iron  mines  with  the  road  south  from 
Marquette  will  be  finished  by  the  first  of  September, 
leaving  only  the  link  on  the  west  side  of  Green  Bay  to 
complete  the  connection  with  Lake  Superior. 

The  company  now  has  609  miles  of  completed  road, 
and  the  leased  roads  add  220  miles  more,  making  in  all 
829  miles  virtually  belonging  to  the  company.  The 
rapid  development  of  the  country  through  which  the 
different  lines  of  this  road  run  will  very  soon  make  it, 
if  in  fact  it  is  not  already,  one  of  the  richest  and  most 
powerful  companies  in  the  nation. 

No  enterprise  is  well  placed  before  the  American 
mind  that  does  not  meet  the  practical  test  of  figures. 
"  How  does  it  pay  ?  "  We  have  chosen  to  seek  from 
official  sources  the  proof  that  enterprises  having  to  do 
with  the  material  development  of  the  West  cannot  be 


264  STOCK    EXCHANGE    MANUAL, 

otherwise  than  remunerative  in  good  hands.     The  fol- 
lowing data  are  important  as  proofs  of  this  nature  : 

The  bonded  debt  of  the  company  is $10,093,000 

The  preferred  stock  is 8,430,500 


$18,523,500 
The  common  stock  is 11,990,500 


Total  cost  of  the  road $30,514,000 


The  bonded  debt  bears  7  per  cent,  interest,  it  requires 

therefore  to  pay  it $706,510 

Preferred  stock  is  entitled  to  a  dividend  of  7  per  cent. .        590,100 


To  pay  interest  and  dividend  on  preferred  stock $1,296,610 


The  road  has  earned  since  the  consolidation,  June  1st, 

1864,  seven  months 4,226,844 

At  the  same  rate  per  year  its  earnings  would  be 7,246,019 

Its  operating  expenses  have  been  little  less  than  57  per 

cent,  of  its  earnings $4,130,000 

Expenses  for  rent  of  Iowa  lines  for  six  months  ending 
Nov.  30,  have  been  $252,637  ;  at  the  same  rate  per 
year 505,274 

To  pay  interest  and  dividend  on  preferred  stock 1,296,610 

Total  expenses $5,931,884 

Surplus  applicable  to  dividend  on  common  stock $1,314,135 

Dividend  of  7  per  cent,  on  common  stock 839,350 


Surplus  after  dividend $474,785 

The  increase  of  earnings  of  the  consolidated  road 
from  June  till  January  amount  to  the  sum  of  $1,415,- 
300,  a  sum  of  itself  more  than  sufficient  to  pay  its 
interest  and  a  dividend  of  7  per  cent,  on  its  entire  stock, 
leaving  the  earnings  as  they  stood  before  consolidation 
to  pay  the  operating  expenses  of  the  road. 


RAILROAD   STOCKS   AND   BONDS. 


265 


At  the  time  of  the  consolidation,  the  Galena  and 
Chicago  Railroad  was  represented  by  60,305  shares  of 
capital  stock.  This  has  all  been  converted  into  Chicago 
and  Northwestern  stock  but  some  shares  now  held  in 
Europe  or  the  Southern  States. 

Statement  of  the  extreme  prices  of  the  Galena  and 
Chicago  Railroad,  monthly  and  yearly,  for  the  six  years 
ending  March  31,  1865  : 


Jan... 
Feb.. 
March 
April. 
May... 
June. 
July.. 
Aug.. 
Sept.. 


Nov.. 
Dec... 


Year.. 


65}©  88 


104 


67 J  @,  146 


Northwestern  preferred. 


Chicago  and  Northwestern  Bonds. 


Securities. 

Amount. 

i 

f. 
« 

When  Payable. 

I! 

When 
Due. 

Market 
Price. 

Chicago  and  Northwestern  : 
Preferred  Sinking  Fund..  .  . 
General  1st  Mortgage  .... 
Bonds  issued   for    coupons 
of  do    

$1,250.000 
3,600,000 

756000 

7 
7 

7 

Feb.  &  Aug. 

u                u 

May  &  Nov. 

N.T. 

1885 
18S5 

1883 

99 

74 

87i 

2000000 

r, 

u 

1890 

95 

Appleton  Extension  Bonds. 
Green  Bay  Extension  Bonds 
Flagg  Trust  Bonds  .... 

184,000 
300,000 
245000 

7 
7 

c,' 

Feb.  &  Aug. 

u 

1885 
1885 

8* 

Galena  and  Chicago  Union  : 
1st  Mortgage  Coupon  
2d  Mortgage  (S.  F.)  coupon 
Elgin  and  State  Line  

1,981,000 
1,336,000 
189,000 

7 

7 

Feb.  &  Aug. 
May  &  Nov. 
Jan.  &  July. 

u 

1882 
1875 
1879 

95 
100 

12 


266  STOCK   EXCHANGE   MANUAL. 

Directors — William  B.  Ogden,  Chicago,  Illinois, 
George  L.  Dunlap,  do.,  do. ;  John  B.  Turner,  do.,  do. ; 
William  H.  Ferry,  do.,  do. ;  J.  J.  R.  Pease,  Janesville, 
Wisconsin ;  P.  H.  Smith,  Appleton,  do. ;  A.  L.  Pritch- 
ard,  Watertown,  do. ;  M.  C.  Darling,  Fond  du  Lac, 
do. ;  Thomas  D.  Robertson,  Rockford,  Illinois ;  George 
JVI.  Bartholomew,  Hartford,  Connecticut ;  Samuel  J. 
Tilden,  New  York ;  William  A.  Booth,  do. ;  H.  H. 
Boody,  do. ;  Lowell  Holbrook,  do. ;  James  D.  Fish,  do. ; 
James  W.  Elwell,  do. ;  William  B.  Scott,  do. 

President — William  B.  Ogden. 

Vice-President—P.  H.  Smith. 

General  Superintendent — George  L.  Dunlap. 

H.  H.  Boody,  Transfer  agent  in  New  York. 

Transfer  office  in  New  York,  8  Wall  street. 

XII. 

CHICAGO   AND   BOCK   ISLAND   EAILROAD. 

This  road  runs  from  Chicago  to  Rock  Island,  181 
miles. 

The  earnings  of  this  important  line  of  railroad  for 
the  year  1864,  compared  with  those  of  1863,  have  been 
as  follows : 


Increase.  .> 

Months.  1863.  1364.                           Monthly.        Quarterly. 

January $140,024 $158,735 $18,711 

February 130,225 175,482 45,257 

March 122,512 242,150 119,638 $184,606 

April 126,798 175,838 59,040 

May 144,995 188,565 43,570 

June 170,937 205,866 34,929 187,539 

July 189,142 195,103 55,961 

August 160,306 271,141 110,835 

September 210,729 331,494 120,765 237,561 

October 216,030 312,049 96,019 

November 196,435 319,816 123,881 

December 201,184 808,187 107,053 326,453 

Year $1.959,267 $2,884,426 $925,159....  $925,159 


RAILROAD   STOCKS   AND   BONDS.  20 7 

Which  exhibit  shows  a  constantly  augmenting  rate 
of  increase,  monthly  and  quarterly,  and  an  aggregate 
rate  of  47.22  per  cent,  for  the  year. 

Assuming  for  1864  the  net  to  be  only  40  per  cent, 
of  the  gross  earnings,  they  would  equal  $1,153,764. 
The  annual  interest  on  the  funded  debt  of  the  com- 
pany is  $102,690;  on  the  Bureau  Valley  lease,  $125,- 
000 — making  a  total  of  $227,690.  Assuming  taxes  and 
extraordinary  charges  to  equal  $150,000,  the  amount 
left  for  dividend  would  be  $786,076,  which  is  equal 
to  13  per  cent,  on  the  capital  of  the  company — $6,000,- 
000.  The  company  paid  two  dividends  the  past  year 
of  3  per  cent,  each,  which  left  about  $400,000  to  the 
credit  of  income  for  the  year.  Add  to  this  the  balance 
of  income  account  for  the  previous  year,  and  the  sur- 
plus income  on  hand  will  equal  the  entire  debt  of  the 
company. 

One  cause  of  the  extraordinary  prosperity  of  this 
company  is  the  valuable  connections  which  it  makes, 
particularly  with  the  Mississippi  and  Missouri  Railroad, 
which  is  already  carried  to  the  heart  of  Iowa.  The 
latter  road  strikes  the  Missouri  river  at  the  eastern 
terminus  of  the  Pacific  Railroad,  which  is  now  being 
constructed  under  the  auspices  of  the  Federal  Govern- 
ment. For  this  great  enterprise  the  Rock  Island  is  to 
be  the  trunk  line  out  of  Chicago.  With  the  connec- 
tions already  formed,  the  Rock  Island  road  is  earning 
40  per  cent,  gross  annually  upon  its  cost.  We  see  no 
reason  why  the  earnings  should  not  be  doubled  so  soon 
as  the  connection  with  the  Pacific  Railroad  is  formed. 

The  earnings  for  the  month  of  March,  1855,  were $262,575  00 

Corresponding  mouth  of  previous  year 243,150  00 

Increase $19,42500 


268 


STOCK   EXCHANGE   MANUAL. 


In  January,  February,  and  March,   1865,  the  earnings 

were $793,059  00 

Against 577,368  00 

A  gain  of. $215,692  00 

The  stock  of  the  company  is  $6,000,000.  A  divi- 
dend of  5  per  cent,  has  been  declared,  payable  April 
10,1865. 

The  Rock  Island  came  to  be  cornered  in  January, 
1864.  The  bulls  bought — counting  cash  and  contract 
stock  together — about  20,000  more  shares  of  Rock 
Island  than  exist.  Of  course,  when  the  deliveries  were 
called  for  the  bears  were  at  the  mercy  of  their  oppo- 
nents, and  the  price  rose  from  110  to  150.  In  the  mid- 
dle of  the  contest  the  bull  leader  suddenly  sold  out, 
with  such  surprising  swiftness  and  dash,  that  none  of 
the  bears  had  an  opportunity  of  disputing  the  market 
with  him.  Fully  40,000  shares  were  sold  in  a  day,  the 
price  falling  from  141  to  118.  Had  he  hesitated,  or  at- 
tempted to  rally  the  price,  the  bears  would  infallibly 
have  pressed  him  with  their  options,  and  deprived 
him  of  a  market  in  which  to  sell. 

Statement  of  the  extreme  prices,  monthly  and 
yearly,  for  the  six  years  ending  March  31,  1865  : 


Jan . . . 
Feb  .. 
March 
April.. 
May  . . 
June.. 
July... 
Aug... 
Sept... 
Oct.... 
Nov. . . 
Dec... 


Yrar... 


RAILROAD    STOCKS    AND    BONDS.  269 

Rock  Island  Railroad  JBonds. 

$1,397,000  at  7  per  cent.,  payable  in  January  and 
July,  and  redeemable  in  1870.  Market  price,  103. 

Officers  of  the  Road. 

Directors — Thomas  C.  Durant,  Francis  H.  Tows, 
David  Dows,  Charles  W.  Durant,  E.  W.  Dunham, 
Thomas  T.  Sturgess,  George  T.  M.  Davis,  Harvey  Ken- 
nedy, Clark  Durant,  New  York ;  B.  P.  Learned,  Al- 
bany, N.  Y. ;  John  F.  Tracy,  Chicago,  111. ;  Robert  A. 
Forsyth,  Newbtirgh,  N.  Y. ;  Ebenezer  Cook,  Daven- 
port, Iowa. 

President — Charles  W.  Durant. 

Vice- President  and  Superintendent — John  F.  Tracy. 

Treasurer — E.  W.  Dunham. 

Secretary — Francis  H.  Tows. 

Transfer  office  in  New  York,  13  William  street. 

XIII. 

MILWAUKEE   AND   PRAIRIE   DU   CHIEN   RAILROAD. 

The  Milwaukee  and  Prairie  du  Chien  Railway 
Company  was  organized  January,  A.  D.  1861,  and  is  the 
successor  of  the  Milwaukee  and  Mississippi  Railroad 
Company,  by  purchase  of  all  its  rights,  franchises,  and 
entire  property,  at  a  judicial  sale  made  January  18th, 
1861,  in  pursuance  of  the  orders  of  the  United  States 
District  Court  for  the  District  of  Wisconsin. 

The  property  so  purchased  embraces  235  miles  of 
main  track,  and  25  miles  of  side  track,  believed  to  be 


270  STOCK   EXCHANGE   MANUAL. 

equal  to  that  of  any  first-class  single-track  railroad  in 
the  country. 

In  1862  the  road  extended  from  Milwaukee,  on 
Lake  Michigan,  through  the  city  of  Madison,  the  capital 
of  the  State,  to  Prairie  du  Chien,  on  the  Mississippi 
river,  and  from  Milton,  on  the  main  line,  through  the 
city  of  Janesville,  in  a  southwesterly  direction,  to 
Monroe,  in  Green  county,  about  43  miles.  It  has  since 
received  several  extensions. 

They  have  now  two  western  termini.  That  of  the 
main  line  at  Prairie  du  Chien,  on  this  side,  or  McGregor 
on  the  west  side  of  the  Mississippi  river,  taken  as  one. 
That  of  the  Southern  Wisconsin  branch,  at  Monroe. 

The  terminus  at  Prairie  du  Chien  and  McGregor 
has  their  earnest  attention.  The  McGregor  Western 
Railroad  is  in  rapid  progress  of  building,  the  heavy 
work  and  expensive  cuts  up  the  grade  from  the  Missis- 
sippi river  are  overcome,  and  the  track  laid  to  about 
the  summit.  The  great  difficulty,  the  expensive  work 
on  the  naturally  least  rentable  part  of  the  line,  is  over- 
come. It  had  repeatedly,  in  earler  days,  and  in  less 
able  and  energetic  hands,  been  the  cause  of  the  failure 
of  the  enterprise.  Now,  this  being  overcome,  further 
progress  seems  secured. 

The  work  on  the  McGregor  Western,  after  reach- 
ing the  summit,  is  mostly  of  a  nature  to  be  done  quick 
and  at  little  expense.  Considerable  grading  and  laying 
of  ties  have  already  been  done  thereon,  and  if  the 
same  energy  and  ability  are  displayed  on  this  easy  part 
of  the  work  as  have  been  shown  in  overcoming  the 
heretofore  insurmountable  difficulty,  the  McGregor 
Western  Railroad  will  stand  as  an  important  feeder  to 
or  extension  of  their  line.  After  reaching  the  summit 


RAILROAD  STOCKS  AND  BONDS.          271 

it  immediately  strikes  a  productive  country.  Its  suc- 
cess can  by  us,  therefore,  no  longer  be  questioned. 

It  would  seem  that,  with  the  McGregor  Western 
Railroad  opened  sixty  miles  out  from  McGregor,  their 
annual  traffic  increase  from  it,  under  the  influence  of  an 
average  good  crop,  should  be  equal  to  $200,000  gross 
earnings ;  if  not  in  the  first  year,  at  least  within  three 
years  from  its  opening. 

The  earnings  of  the  Prairie  du  Chien  Kailway  for 
1864  were  $1,723,381  ;  expenses,  $1,206,950  ;  net  prof- 
its, $516,431,  or  a  little  over  7  per  cent,  on  the  entire 
capital,  common  stock  included.  It  is  understood  that 
several  items  are  included  in  the  aggregate  of  expendi- 
ture which  are  not  chargeable  to  ordinary  operating  ex- 
penses, and  which,  if  deducted,  would  leave  a  much 
larger  surplus. 

A  part  of  the  outstanding  bonds  of  the  company, 
reduced  at  $960,000,  have  been  exchanged  for  first  pre- 
ferred stock.  This  will  liberate  the  sinking  fund  of  a 
large  debt  per  annum,  and  allow  of  its  application  to 
dividends,  an  arrangement  which  would  benefit  the 
common  stock,  and  place  it  over  in  the  class  of  divi- 
dend-paying securities.  The  bonded  debt  has  been  so 
largely  reduced  that  the  first  preferred  stock  has  be- 
come a  very  desirable  security.  The  road  is  doing  a  very 
good  business,  and  the  common  stock  is  selling  far  be- 
low its  value  as  a  permanent  investment. 

The  capital  stock  of  the  company  amounts  to  $7,- 
280,800;  the  first  preferred  stock,  at  the  rate  of  8  per 
cent.,  to  $1,051,000 ;  the  second  preferred  stock,  at  the 
rate  of  7  per  cent.,  to  $1,014,000. 

Two  dividends  have  been  declared — one  of  4  per 
cent,  on  the  first  preferred  stock,  payable  February 


272  STOCK   EXCHANGE   MANUAL. 

10th  ;  and  one  of  3^  per  cent,  on  the  second  preferred 
stock,  by  June  1st  next. 

Directors — L.  H.  Meyer,  New  York  ;  John  Catlin, 
Milwaukee  ;  William  P.  Lynde,  Milwaukee  ;  Charles 
F.  Ilsley,  Milwaukee ;  Adolph  Rusch,  New  York;  Al- 
len Campbell,  New  York ;  George  Smith,  New  York ; 
William  Schall,  New  York ;  H.  L.  Dousman,  Prairie 
du  Chien,  Wisconsin. 

President  of  the  Board — L.  H.  Meyer. 

Vice-President  and  Counsel — John  Catlin. 

Secretary  and  Treasurer — William  Faintor. 

Transfer  office  in  New  York,  48  Exchange  Place. 

XIV. 

PITTSBURG,  FORT  WAYNE  AND  CHICAGO  RAILROAD. 

The  railway  now  known  as  the  Pittsburg,  Fort 
Wayne  and  Chicago  Railway,  forms  a  continuous  line 
of  467  miles,  from  Pittsburg  to  Chicago,  and  is  owned 
by  one  company,  organized  under  several  corporate 
franchises,  granted  by  States  within  which  portions  of 
the  work  are  situate.  Prior  to  the  re-organization,  it 
had  become  one  line,  owned  by  one  company,  formed 
August  1,  1856,  by  the  consolidation  of  three  dis- 
tinct lines,  owned  by  three  distinct  companies,  to 
wit :  the  Ohio  and  Pennsylvania,  extending  from  Pitts- 
burg, in  the  State  of  Pennsylvania,  to  Crestline,  in  the 
State  of  Ohio,  188  miles,  of  which  47  are  in  Pennsyl- 
vania and  141  are  in  Ohio;  the  Ohio  and  Indiana,  ex- 
tending from  Crestline  to  Fort  Wayne,  in  the  State  of 
Indiana,  131  miles,  of  which  112  are  in  Ohio  and  19 
are  in  Indiana;  and  the  Fort  Wayne  and  Chicago,  ex- 


RAILROAD   STOCKS   AND   BONDS.  273 

tending  from  Fort  Wayne  to  Chicago,  in  the  State  of 
Illinois,  148  miles,  of  which  about  126  are  in  Indiana, 
and  about  22  in  Illinois. 

At  the  time  of  the  consolidation,  the  Ohio  and 
Pennsylvania  and  the  Ohio  and  Indiana  portions  of  the 
road  had  been  completed,  and  the  Fort  Wayne  and  Chi- 
cago portion  had  been  commenced.  But  a  large  outlay 
was  required  to  finish,  equip,  and  render  adequate  to 
the  character  and  business  of  a  road  of  the  first  class 
the  portions  which  were  in  a  condition  for  the  running  of 
trains ;  and  the  completion  of  the  section  from  Fort 
Wayne  to  Chicago  was  essential  to  the  general  objects 
of  the  line  and  to  the  full  development  of  the  business, 
of  all  its  parts.  That  part  of  the  work  was  constructed, 
to  a  large  degree,  by  means  of  temporary  credits,  in  a 
period  when  the  negotiation  of  bonds  was  less  prac- 
ticable than  had  been  anticipated ;  and  the  liabilities  of 
the  old  company  ultimately  proved  to  be  larger  than 
was  estimated  at  the  time  of  the  consolidation.  It  was 
thus  that  the  embarrassments  of  the  company  arose 
from  the  inadequacy  of  the  capital  permanently  at  its 
disposal  for  the  undertaking,  and  not  from  any  miscal- 
culation of  the  utility,  value,  or  productive  capacity  of 
the  work  itself. 

The  first  step  toward  compromise  was  in  the  union 
of  the  whole  road  in  the  possession  of  the  Hon.  William 
B.  Ogden,  of  Chicago,  who  was  agreed  upon  by  all 
parties  in  interest  as  receiver,  and  appointed  under  an 
order  finally  entered  January  17,  1860. 

The  negotiations  which  followed  between  the  nu- 
merous classes  of  creditors  resulted  in  a  general  plan  of 
adjustment : 

The  financial  theory  of  the  new  securities  was,  that 
12* 


274  STOCK   EXCHANGE   MANUAL. 

they  should  be  reduced  to  a  simple  and  uniform  classi- 
fication ;  that  the  payment  of  the  principal  should  be 
deferred  to  a  distant  period ;  that  the  interest  in  arrear 
should  be  funded  as  principal ;  and  that  somewhat  more 
than  two  years  of  interest  yet  to  accrue  should  likewise 
be  funded,  in  order  to  enable  the  entire  earnings  for 
that  period  to  be  applied  to  the  improvement  of  the 
road ;  and  that  after  that  period  the  surplus  earnings, 
beyond  paying  interest  on  the  first  arid  second  mort- 
gage bonds,  which  are  the  only  absolute  obligations  to 
pay  interest,  should  be  subject  to  such  application  as 
might  be  necessary  to  complete  the  road,  to  put  it  in 
high  condition,  and  to  provide  it  with  all  the  equipment 
which  might  be  necessary. 

For  this  purpose  it  was  necessary  to  obtain  system- 
atic and  uniform  legislation  from  the  four  States,  ena- 
bling the  new  securities  to  be  made  liens  upon  the  whole 
property  as  an  entirety,  including  all  future  acquired 
property,  equipment,  and  other  personal  property,  the 
franchises  of  the  company,  and  the  franchise  to  be  a 
corporation,  and  providing  a  mode  for  rendering  the 
latter  franchise  available  to  the  purchasers  at  a  sale 
under  any  of  these  liens. 

All  these  objects  are  at  last  satisfactorily  accomplish- 
ed. The  obtaining  of  the  necessary  legislation ;  the 
laborious  negotiations  with  parties  so  numerous,  resid- 
ing in  this  country,  in  England,  and  in  Germany ;  the 
conduct  of  the  necessary  legal  proceedings  to  consum- 
mate a  sale  ;  the  purchase  of  the  property ;  the  organi- 
zation of  the  new  company ;  the  reception  of  the  old 
securities ;  the  creation  of  the  new,  and  their  distribution 
to  the  parties  entitled  to  them ;  the  adjustment  of 
anomalous  cases  arising  out  of  the  peculiar  complexity 


RAILROAD   STOCKS    AND   BONDS.  2*75 

of  the  interests  involved,  have  occupied  a  period  of 
more  than  two  and  a  half  years  of  our  industrious 
attention  to  this  large  and  difficult  trust. 

The  result  has  been  that  the  holders  of  securities  of 
even  the  highest  class  have  been  more  benefited  than 
they  could  have  been  by  the  absolute  enforcement  of 
their  legal  rights,  while  all  the  inferior  interests  have 
been  rescued  from  total  extinction. 

The  earnings  of  the  railway,  since  the  consolidation 
of  the  three  original  corporations,  have  been  from  year 
to  year  as  follows  : 

In  1857 $1,660,424  89 

"  1858 1,567,232  22 

"  1859 1,965,987  80 

"  1860 2,335,353  83 

"  1861 3,031,887  42 

«  1862 3,734,390  43 

««  1863 5,132,933  74 

«  1864 7,120,465  76 

The  operations  of  the  year  1864  were  as  follows : 

Gross  traffic $7,120,465 

At  an  expense  of 4,101,398 

Net  earnings $3,019,067 

Sales  of  new  stock  at  par 1,747,300 

Previous  insurance  balance 97,055 

Difference  from  Cleveland  and  Chicago  Company . .        39,035 

Total  means  of  year $4,902,457 

New  construction $2,703,741 

Interest  on  debt 990,002 

Ten  per  cent,  dividend 735,048 

Advanced  Akron  Branch 179,829 

Sinking  Fund 104,100-4,712,720 

Balance  new  year $189,737 


276  STOCK   EXCHANGE    MANUAL. 

The  increase  of  earnings  for  the  year  over  the  pre- 
vious year  is  $1,987,532  02,  or  38fV  per  cent.  Of  this 
increase  $1,133,976  94  was  derived  from  the  passenger 
business,  $807,470  26  from  the  freight  traffic,  and 
$35,252  47  from  express  companies. 

The  amount  of  earnings  derived  from  military  trans- 
portation was  $706,240  81,  of  which  $510,023  75  was 
from  transportation  of  troops,  and  $196,217  09  for 
quarter-master's  supplies  and  other  freights.  The 
whole  amount  of  Government  business  it  will  be  seen 
produced  less  than  ten  per  cent,  of  the  gross  earnings, 
and  it  is  believed  but  a  very  small  proportion  of  the 
net  receipts,  as  the  business  was  done  full  thirty-three 
per  cent,  less  than  the  commercial  business  of  the 
road. 

The  gross  earnings  are  equal  to  $15,214  67  per 
mile  for  the  entire  length  (468  miles)  of  the  road,  and 
the  working  expenses  57yV  per  cent,  of  the  earn- 
ings. 

The  present  equipment  of  the  road,  condition  of  the 
track,  and  station  facilities  are  sufficient  to  earn  eight 
millions  of  dollars  the  current  year,  if  the  business 
offers,  at  the  present  prices  ;  and  if  the  earnings  should 
amount  to  that  sum,  on  the  conditions  supposed,  there 
will  be  left,  after  paying  current  operating  expenses, 
about  $3,200,000  for  interest,  sinking  fund,  dividends, 
and  such  other  disposition  as  the  board  may  think  for 
the  interest  of  the  company.  To  pay  interest,  sinking 
fund,  and  ten  (10)  per  cent,  dividends,  will  require  less 
than  $2,000,000  of  net  income. 

The  following  is  a  statement  of  the  approximate 
earnings  during  the  month  of  March  iilt.,  compared 
with  the  same  period  last  year  : 


RAILROAD   STOCKS   AND   BONDS. 


277 


1865. 

Freights $474,524  27 

Passengers..   371,866  75 
Exp.  matter..     15,740  93 

Mails 7,825  00 

Rent  of  R.  R.       7,083  34 
Miscellaneous       9,501  25 


1S64. 

$398,197  13 
190,987  27 
5,400  00 
7,825  00 
7,083  34 
1,804  80 


Increase. 
$76,327  14 
180,879  48 

10,340  93 


7,696  45 


Total $886,541  54     $611,297  54  $275,244  00 

The  earnings  are  largely  in  excess  of  the  reported 
figures.  The  road  has  an  excess  of  traffic  at  its  own 
rates.  The  first  quarter  of  the  year  shows  a  gain  of 
$908,338. 

To  comprehend  fully  the  developments  of  the  line, 
the  annual  increase  of  earnings  should  be  compared 
with  the  increase  of  capital  invested.  The  amount  of 
capital  in  the  railway  at  the  close  of  each  year  since 
the  consolidation,  as  shown  by  the  accounts  of  the 
comptroller,  was  as  follows  : 


Shares. 

Bonds. 

Floating  Debt. 

Total. 

Dec.  31,1857. 
"     81,  1858. 
"     81,1859. 
"     31,  1860. 
"      81,1861. 
"     81,  1862. 
"     81,  1863. 
"     31,1864.. 

.  $5,258,837  66 
5.288,950  27 
5,351,761  84 
5,481,869  32 
5,480,865  54 
6,500,000  00 
6.500,000  00 
8,247,300  00 

$7,371,000  00 
8,453,000  00 
8,289,500  00 
9,306,485  00 
9,660,825  00 
12,935,173  00 
12,935,173  00 
12.935,173  00 

$1,418,922  09 
889,159  88 
1,916,517  04 
1,612,754  22 
1,860,430  87 
None. 
None. 
None. 

$14,048,759  75 
14,631,110  15 
15,557,778  88 
16,401,108  54 
17,002,121  41 
19,435,173  00 
19,435,173  00 
19,435,143  00 

A   quarterly  dividend  of  2^  per   cent, 
declaied  in  April,  1865. 


has    been 


278 


STOCK    EXCHANGE    MANUAL. 


Pittsburg^  Fort  Wayne  and  Chicago  Railway  JBonds. 


Seeuritiet, 

Amount. 

i 

When  Payable. 

Where 
Payable. 

When 
Due. 

1.1 

|£ 

1st  Mortg.  (scries  A) 
"                (series  B) 

$875,000 
875,000 

7 
7 

Jan.  &  July. 
Feb.  &  Aug. 

New  York. 

1912 
1912 

100 

"                (series  C) 

875,000 

7 

March  &  Sept. 

1912 

• 

(series  D) 

875,000 

7 

April  <fc  Oct. 

1912 

" 

«                 (series  E) 

875,000 

7 

May  «fe  Nov. 

1912 

« 

"                 (series  F) 

875,000 

7 

June  «fc  Dec. 

1912 

u 

2d                (series  G) 
(series  H) 

860,000 
860,000 

7 
7 

Jan.  &  July. 
Feb.  <fe  Aug. 

1912 
1912 

90 

(series  I) 

860,000 

7 

March  &  Sept. 

1912 

« 

»                (series  K) 

860,000 

7 

April  &  Oct. 

1912 

• 

"                (series  L) 

860,000 

7 

May  &  Nov. 

1912 

*< 

"                (series  M) 

860,000 

7 

June  &  Dec. 

44 

1912 

(i 

8d                       .       . 

2,000,000 

7 

April. 

M 

1912 

79 

Bridge  Bonds  
Chicago  DepotBonds 

188,000 
297,753 
39,420 

6 

8 

May  &  Nov. 
May  &  Nov. 
May  &  Nov. 

Chicago. 
Philadelphia. 

1876 
1865 
1S65 

Board  of  Directors. 

J.  F.  D.  Lanier,  New  York ;  S.  J.  Tilden,  do. ;  L. 
H.  Meyer,  do. ;  J.  Edgar  Thomson,  Pennsylvania ;  G. 
W.  Cass,  do. ;  S.  Harbaugh,  do. ;  Kent  Jarvis,  Ohio ; 
Willis  Merriman,  do. ;  John  Sherman,  do. ;  Samuel 
Hanna,  Indiana  ;  Jesse  L.  Williams,  do. ;  P.  Hoagland, 
do. ;  W.  B.  Ogden,  Illinois. 

President — G.  W.  Cass. 

Vice- President — Samuel  Hanna. 

General  Superintendent — J.  N.  McCullough. 

Treasurer — G.  P.  Henderson. 

Secretary — W.  H.  Barnes. 

Transfer  office  in  New  York,  52  Wall  street. 


KAILROAD   STOCKS   AND   BONDS.  279 

XV. 

St.  Louis,  Alton  and  Terre  Haute  Railroad. 

In  the  St.  Louis,  Alton  and  Terre  Haute  Railroad 
the  old  "  Terre  Haute  and  Alton  "  road  is  consolidated 
with  the  "  Belleville  and  Illinoistown  "  road.  Its  whole 
length  is  209  miles.  The  distance  from  Terre  Haute 
to  Alton  is  175  miles;  from  Alton  to  Illinoistown,  or 
East  St.  Louis,  is  20  miles;  the  branch,  southeast  from 
East  St.  Louis  to  Belleville,  14  miles. 

At  Belleville  are  extensive  and  valuable  coal  lands, 
of  which  about  800  acres  belong  to  this  company. 
The  transportation  of  this  coal  to  St.  Louis  constitutes 
an  important  item  in  its  business. 

This  company  has  also  a  liberal  charter  from  the 
Legislature  of  Illinois  for  an  extension  of  the  Belleville 
branch  southeastwardly  to  the  Illinois  Central,  at 
Murfreesboro',  thus  forming  a  very  direct  line  between 
St.  Louis  and  Cairo ;  while  the  road,  for  its  entire 
length,  will  run  through  the  richest  coal  beds  of  Illinois. 

The  re-organization  of  the  company  was  legally 
perfected  in  accordance  with  the  general  plan  adopted 
by  the  board  and  stockholders  on  the  first  day  of  July, 
1862. 

Twenty-two  thousand  shares  have  been  issued,  equal 
to  $2,200,000.  We  read  in  the  act  of  re-organization  : 

"The  aggregate  amount  of  the  common  capital 
stock  of  the  said  St.  Louis,  Alton  and  Terre  Haute 
Railroad  Company  outstanding  at  any  one  time,  shall 
never  exceed  in  par  value  the  sum  of  two  millions  and 
three  hundred  thousand  dollars,  unless  a  majority  in 
interest  of  the  holders  of  each  class  of  bonds  secured 


280  STOCK   EXCHANGE   MANUAL. 

hereby  shall  have  expressly  consented  thereto,  by  a 
vote  at  a  meeting  duly  held  of  such  holders." 

The  total  issue  of  the  preferred  stock  is  limited  to 
$1,700,000.  This  stock,  in  the  re-organization,  repre- 
sents third  and  fourth  mortgage  bonds  of  the  old  com- 
pany, and  other  liabilities,  on  which  the  interest  was 
computed  up  to  the  first  day  of  January,  1863,  and  a 
proper  instrument  or  receipt  was  signed  by  the  parties 
to  whom  it  was  issued,  in  accordance  with  this  fact,  so 
that,  by  express  agreement,  the  stock  is  entitled  to  its 
first  dividend,  if  any,  out  of  the  net  earnings  of  the 
year  1863.  Such  dividend  to  be  made  on  the  first  day 
of  May,  1864,  and  on  each  succeeding  first  of  May,  out 
of  the  net  earnings  of  the  year  ending  on  the  thirty- 
first  day  of  December  previous  thereto.  The  following 
extract  from  the  deed  of  trust  (second  mortgage  trust 
deed)  will  show  the  provisions  relating  to  this  stock 
which  will  govern  the  board  in  their  action. 

"  And  whereas  the  said  company  in  evidence  of  a 
portion  of  the  consideration  for  the  said  railroad,  its 
equipments  and  appurtenances,  has  also  issued  to  the 
said  parties  of  the  first  part  seventeen  thousand  shares 
of  one  hundred  dollars  each  of  the  preferred  capital 
stock  of  the  said  company,  and  has  delivered  certificates 
for  the  said  seventeen  thousand  shares  to  the  said 
parties  of  the  first  part,  and  the  said  preferred  capital 
stock  is  entitled  to  dividends  at  the  rate  of  seven 
per  cent,  per  annum,  payable  annually  on  the  first  day 
of  May  in  each  year  out  of  the  net  earnings  of  the  said 
railroads  for  each  year  ending  on  the  thirty-first  day  of 
December  previous  to  such  first  day  of  May,  after 
satisfying  the  interest  on  the  first  mortgage  and  the 
preferred  second  mortgage  and  the  income  second 


RAILROAD   STOCKS   AND   BONDS.  281 

mortgage  bonds  of  the  said  company,  and  the  contri- 
butions to  the  sinking  fund,  as  herein  provided,  and  as 
declared  in  the  certificates  for  the  said  preferred  stock." 

The  following  provisions  in  the  deed  defines  what 
shall  be  regarded  as  "  net  earnings  " : 

"The  words  'net  earnings,'  as  herein  used  are, 
hereby  declared  and  agreed  to  mean  such  surplus  of 
the  earnings  of  the  said  railroad  as  shall  remain  after 
paying  all  expenses  of  operating  the  said  railroad  and 
carrying  on  its  business,  including  all  taxes  and  assess- 
ments, and  payments  on  encumbrances  prior  in  lien  to 
these  presents,  upon  specific  portions  of  the  property 
hereby  conveyed,  of  completing,  repairing  or  replacing 
the  said  railroad,  its  appurtenances  and  equipments,  so 
that  the  same  shall  be  IN  HIGH  CONDITION,  and  of  provid- 
ing such  additional  equipment  as  the  said  company 
SHALL  DEEM  NECESSARY  for  the  business  of  said  rail- 
road." 

In  the  re-organization,  the  first  mortgage  bonds  and 
certain  other  liabilities  of  the  old  company,  with  the 
back  interest  up  to  30th  June,  1862,  inclusive,  were  to 
be  converted  into  the  first  mortgage  bonds  of  the  new 
company,  to  provide  for  which  an  issue  was  made  of 
first  mortgage  bonds  to  the  amount  of  two  millions  two 
hundred  thousand  dollars.  This  issue  was  made  in  two 
series,  of  $1,100,000  each,  the  one  designated  as  series 
A,  the  coupons  on  which  are  payable  the  first  of 
October  and  April,  in  each  year;  the  other  designated 
as  series  B,  the  coupons  on  which  are  payable  on  the 
first  of  January  and  July  in  each  year.  The  first  cou- 
pons on  this  class  of  bonds  were  paid  on  the  first  of 
October,  1862. 

A  sinking  fund  is  provided  for  the  extinguishment 


282  STOCK   EXCHANGE  MANUAL. 

of  the  first  mortgage  bonds,  of  $25,000  a  year,  in  semi- 
annual instalments,  commencing  with  January,  1864. 

First  mortgage  bonds $2,200,000 

In  the  re-organization,  the  second  mortgage  bonds, 
and  certain  other  liabilities  of  the  old  company,  with 
the  arrears  of  interest,  computed  up  to  the  31st  De- 
cember, 1862,  inclusive,  were  to  be  converted  into  sec- 
ond mortgage  bonds  of  the  new  company,  and,  to  pro- 
vide for  this,  an  issue  was  made  of  four  millions  five 
hundred  thousand  dollars  ($4,500,000). 

This  issue  was  divided  into  two  classes,  the  first  of 
which,  amounting  to  $2,800,000,  is  designated  as  the 
preferred,  and  the  second  class,  amounting  to  $1,700,- 
000,  is  designated  as  income  bonds.  Both  classes  are 
secured  by  the  same  deed  of  trust  or  mortgage.  The 
only  difference  is,  that  in  the  event  of  a  deficiency  of 
net  earnings,  in  any  year,  to  pay  the  interest  in  full  on 
both  classes,  the  coupons  of  the  preferred  class  shall  be 
first  paid,  and  then  the  coupons  of  the  income.  This 
classification  was  made  in  the  interest  of  the  holders  of 
all  classes  of  the  company's  securities,  and  from  abund- 
ant caution,  at  a  period  of  comparative  depression  in 
earnings,  on  the  one  hand,  and  very  heavy  actual  out- 
lays and  anticipation  of  outlays  on  the  line  of  road,  on 
the  other,  and  great  uncertainty  and  doubt  in  regard 
to  the  future.  The  new  bonds  carried  interest  from  the 
1st  day  of  January,  1863. 

The  preferred  bonds  were  issued  in  two  series,  C 
and  D,  of  $1,400,000  each.  Series  C,  the  coupons  are 
payable  on  the  1st  of  February  and  August,  in  each 
year.  Series  D,  the  coupons  are  payable  on  the  1st  of 
May  and  November,  in  each  year. 


RAILROAD    STOCKS   AND   BONDS.  283 

The  income  bonds  were  issued  in  a  single  series,  and 
the  coupons  are  payable  on  the  1st  of  May  and  Novem- 
ber, in  each  year. 

The  following  statement  shows  the  amount  of  second 
mortgage  bonds : 

Second  Mortgage  Preferred $2,800,000 

"  "  Income 1,700,000 

$4,500,000 

Statement  exhibiting  the  operations  of  the  road  for 
the  year  1864: 

Statement  No.  1. 
Gross  earnings  for  the  year  ending    December  31, 

1864 $2,084,074  82 

Operating  expenses,  including  everything,  except  the 
amount  expended  on  permanent  improvements,  and 
paid  out  for  additional  rolling  stock  during  the 
year 1,289,90934 

Remainder $794,164  98 

Showing  operating  expenses  to  have  been  61  8-10 
per  cent,  of  gross  earnings.  They  were  estimated,  in 
last  year's  report,  at  55  to  60  per  cent.,  before  the  ex- 
traordinary advance  in  prices  which  followed  the  rise 
in  gold  in  June,  1864. 

Statement  No.  2. 

Total  expenditures $1,583,307  68 

From  which  deduct  (see  schedule,  page  23) : 

Payments  for  improvements,  &c $293,398  24 

««  new  iron   62,00461 

"  wood  on  hand   48,750  00 

"  additional  supplies 43,418  74 

$447,571  59 


Leaving  net  expenses $1,135,735  99 

Which  is  54  4-10  per  cent,  of  gross  earnings. 


284  STOCK   EXCHANGE   MANUAL. 

COMPARATIVE  'STATEMENT. 
Gross  Earnings. 

1869 $772,92563  

1860 795,898  01  11  3-10  per  cent,  increase. 

1861 715,887  15  11  3-10  per  cent,  decrease. 

1862 1,117,596  68  46  4-10  per  cent,  increase. 

1863 1,554,913  14  39  1-10  per  cent,  increase. 

1864 2,084,074  32  34  per  cent,  increase. 

Two  dividends  of  7  per  cent,  have  been  declared  on 
the  preferred  stock  in  May,  1864,  and  in  May,  1865. 

"  By  an  arrangement  recently  made  with  the  De- 
partment at  Wshington,5'  says  the  last  report,  "  the 
great  through  mail  for  St.  Louis  is  now  carried  over 
the  line  of  this  road,  for  which  we  receive  $150  per 
mile  per  annum,  which  will  be  increased  to  $200  per 
mile  as  soon ,  as  the  bridge  crossing  the  Ohio  at  Steu- 
benville  is  finished. 

"While  the  cessation  of  the  war  will  unquestionably 
check  the  movement  of  Government  transportation,  both 
of  freight  and  passengers,  over  the  several  Western  lines 
of  railway,  and  our  monthly  returns  will  show  the  pro- 
portion of  loss  which  our  road  bears,  this  will  be  com- 
pensated for,  in  a  good  degree,  by  the  new  develop- 
ments and  condition  of  business  already  secured,  and 
which  are  being  opened  to  us,  the  effects,  in  a  great 
measure,  of  the  war.  Missouri  now  invites  settlement 
as  a  free  State,  and  St.  Louis  becomes  the  focus  of  an 
immense  trade,  drawn,  not  only  from  the  West,  but  the 
Southwest  and  the  Northwest." 

Directors — Chas.  Butler,  Robert  Bayard,  Samuel  J. 
Tilden,  John  G.  Richardson,  Russell  Sage,  New  York ; 
William  H.  Underwood,  Belleville,  111. ;  Levi  Davis, 


RAILROAD    STOCKS    AND    BONDS.  285 

Alton,  111.  ;  Jno.  S.  Hayward,  Hillsboro',  111. ;  Henry 
W.  Phelps,  Pana,  111. ;  Anthony  Thornton,  Shelbyville, 
111. ;    E.  B.  Gage,  Charleston,  111. ;   Hiram  Sandford, 
Paris,  111. ;  Carlos  S.  Greely,  St.  Louis,  Mo. 
Transfer  office  in  New  York,  12  Wall  street. 


XVI. 

CHICAGO   AND   ALTON   RAILROAD. 

With  Chicago  and  St.  Louis,  the  two  largest  com- 
mercial cities  of  the  West,  as  the  terminal  points  of  the 
line,  and  with  some  of  the  largest  and  most  flourishing 
cities  of  Illinois  on  it,  such  as  Alton,  Springfield,  Bloom- 
ington,  and  Joliet,  and  with  many  other  large  and 
growing  towns,  and  the  development  of  the  agricul- 
tural resources,  which  are  but  just  commenced,  no 
road  has  a  brighter  future  in  prospect  than  this. 

The  capital  stock  and  funded  debt  of  the  corporation 
are  represented  as  follows  : 

Common  Stock 11,783,100  00 

Preferred 2,425,200  00 

$4,208,300  00 

Preferred  Sinking  Fund  Bonds. . .    $554,000  00 

First  Mortgage  Bonds 2,400,000  00 

Income  Bonds 1,100,000  00 

$4,054,000  00 


Total  Stock  and  Bonds $8,262,300  00 

On  the  1st  day  of  January,  1864,  this 
Company  commenced  operations  on 
the  Joliet  and  Chicago  Road  under  a 
lease  as  per  last  Report,  and  assumed 
the  liability  to  pay  interest  and  divi- 


286  STOCK   EXCHANGE  MANUAL. 

dends  on  the  Bonds  and  Stock  of  that 

Company  as  follows : 

Mortgage  Bonds,  8  per  cent.  on. .    $500,000  00 

Stock,  7  per  cent,  on 1,500,000  00 

$2,000,000  00 

On  the  1st  day  of  April,  1864,  the 

Company   contracted  with   the   Alton 

and  St.  Louis   Railroad  Company,  for 

the  perpetual  use  of  the  Road  of  that 

Company,  as  per  the  terms  of  an  agree- 
ment  hereto  attached,  assuming  the 

payment  of  a  fixed  dividend  of  7  per 

cent,  on  stock  to  the  amount  of 800,000  00 


$11,062,300  00 

Making  an  aggregate  capital  of  $11,062,300,  repre- 
sented by  two  hundred  and  eighty-one  miles  of  rail- 
way, extending  from  Chicago  to  St.  Louis,  two  hundred 
and  twenty  miles  (between  Joliet  and  Alton)  being  the 
property  of  this  company,  and  sixty-one  miles  being 
held  under  perpetual  lease. 

The  fixed  annual  charges  from  and  after  January  1, 
1865,  having  priority  over  dividends  upon  the  stock  of 
this  company,  are  represented  as  follows  : 

On  Preferred  Sinking  Fund  Bonds  interest  and  Sink- 
ing Fund $72,000  00 

On  1st  Mortgage  Bonds,  $2,400,000,  at  7  per  cent 168,000  00 

On  Income  Bonds,  $1,100,000,  at  7  per  cent 77,000  00 

On  Joliet  and  Chicago  Bonds,  $500,000,  at  8  per  cent., 

and  Sinking  Fund 52,000  00 

On  Joliet   and    Chicago    Stock,  $1,500,000,   at  7  per 

cent 105,000  00 

On  Alton  and  St.  Louis  Stock  $800,000,  at  7  per  cent. .      56,000  00 
Sundry  liabilities  on   account  of  Joliet '  and  Chicago, 
and  Alton  and  St.  Louis  Railroads,  heing  taxes,  &c., 
say 10,000  00 

$540,000  00 


RAILROAD    STOCKS    AND    BONDS.  287 

Under  the  operation  of  the  two  sinking  funds,  the 
amount  of  annual  fixed  charges  will  be  reduced,  and 
under  no  circumstances  can  they  be  increased. 

From  the  foregoing,  it  will  be  seen  that  all  net 
earnings  in  excess  of  $540,000  per  annum,  are  applica- 
ble to  the  payment  of  dividends  on  the  stock  of  this 
company,  amounting  to  §4,208,300. 

The  income  for  the  year  ending  December  31st, 
1864,  embracing  the  earnings  on  257  miles  of  road  be- 
tween Chicago  and  Alton,  has  been  as  follows : 

For  transporting  Freight $1,479,659  42 

14  "  Passengers 1,201,615  88 

"  "  Mails,  Express,  &c. . .        89,208  66 

$2,770,483  96 

Less  amount  charged  to  account  of  Operating  Ex- 
penses, as  per  detailed  statement  (Exhibit  i)),  in 
Treasurer's  Report 1,532,105  58 


$1,238,378  43 
Add  Dividends  Alton  and  St.  Louis  Stock,  held  by 

this  Company,  being  part  of  net  earnings 35,140  00 


Net  receipts $1,273,518  43 

The  gross  earnings  for  the  year  amount  to  $2,805,- 
623  96,  or  $10,916  82  per  mile. 

In  1863,  the-  gross  earnings  per  mile  were  $7,607  75. 
Gain  per  mile,  in  1864,  $3,309  07,  or  43£  per  cent. 

The  net  earnings  in  1864  amount  to  $4,955  32  per 
mile.  In  1863,  the  net  earnings  were  $3,190  29.  Gain 
per  mile,  $1,765  03,  or  55T37  per  cent. 

The  operating  expenses  for  the  year  1864,  in  which 
is  embraced  the  cost  of  all  structures  built  and  repaired 
upon  the  line,  as  per  detailed  statement  hereto  appended, 
amount  to  54T67  per  cent,  of  gross  earnings. 


288  STOCK   EXCHANGE   MANUAL. 

The  balance  at  the  credit  of  income  account  at  the 

commencement  of  the  fiscal  year,  was $349,741  61 

Add  net  receipts 1,273,518  43 


$1,623,260  04 

Deduct  payments  charged  to  this  account,  as  per  Ex- 
hibit B,  attached  to  Treasurer's  Report 882,023  83 


Balance,  December,  31st,  1864 $741,236  21 

At  the  commencement  of  the  fiscal 
year,  $500,000  in  the  stock  of  the  Joliet 
and  Chicago  Road  owned  by  this  com- 
pany, was  set  apart  as  a  fund  to  be  used 
in  acquiring  additional  rolling  stock,  de- 
pot buildings,  water  stations,  and  other 
structures  of  a  permanent  character,  to 
increase  the  capacity  of  the  line  for 
business  purposes.  Of  that  fund  $148,- 
214  25  has  been  expended  for  the  pur- 
poses named,  leaving  a  balance  of. ...  $351,785  75 

In  pursuance  of  the  contract  with  the 
Alton  and  St.  Louis  Company,  $800,000 
of  stock  was  issued  and  placed  in  the 
hands  of  this  company,  as  a  fund  to  pay 
the  liabilities  of  the  Alton  and  St.  Louis 
Company,  and  to  complete  their  road. 
Of  that  amount  there  now  remains  un- 
expended the  sum  of 74,864  43 


Leaving  in  the  hands  of  the  company,  appropriated 

for  specific  purposes,  the  sum  of $426,650  18 

Total  assets  in  cash  and  its  equivalent,  December 

31st,  1864 $1,167,886  39 

The  earnings  of  the  line  for  the  past  year  were  re- 
duced by  the  limited  number  of  engines  and  cars  en- 
gaged, and  also  by  their  inefficient  condition  during  the 
first  part  of  the  year.  As  evidence  of  the  latter  fact, 
it  will  be  seen  that  while  at  all  times  during  the  year 


RAILKOAD   STOCKS    AND    BONDS.  289 

the  demands  for  transportation  were  greater  than 
could  be  met,  nearly  two  thirds  of  the  gross  receipts 
were  earned  during  the  last  six  months. 

It  is  now  submitted,  that  in  view  of  the  present  and 
certain  demands  in  the  future  for  increased  facilities  for 
transportation,  it  is  a  duty  to  increase  the  capacity  of 
the  line  by  an  additional  number  of  engines  and  carp, 
depot  and  track  accommodation. 

By  a  wise  provision  in  the  organization  of  the  com- 
pany, its  capital  stock  cannot  be  increased  without  the 
written  consent  be  first  obtained  from  three  fourths  in 
interest  of  its  stockholders.  In  view  of  these  facts, 
one  of  two  courses  must  be  adopted.  The  company 
must  either  invest  an  undue  proportion  of  its  net  earn- 
ings in  rolling  stock  and  other  property  to  increase  the 
capacity  of  the  line — thus  giving  those  who  may  hold 
the  stock  in  the  future,  the  benefit  of  the  earnings 
justly  belonging  to  the  present  proprietors  ;  or  an  in- 
crease of  capital  stock  must  be  resorted  to,  to  represent 
expenditures  demanded  by  an  increasing  traffic,  which 
must  keep  pace  with  the  growth  of  the  two  great  com- 
mercial cities  at  the  termini  of  the  line,  and  the  increase 
of  population  in  the  cities  and  towns,  and  on  the  fertile 
prairies  intervening. 

It  is  believed  that  the  latter  course  should  be 
adopted,  and  a  communication  will  be  addressed  to 
stockholders,  requesting  authority  to  carry  out  a  plan 
which  will  be  therein  submitted  for  an  increase  of  stock, 
to  be  limited  to  actual  expenditures  made  from  time  to 
time  for  the  purposes  indicated. 

The  earnings  for  March  are  $92,356  in  excess  of 
those  of  March,  1864  ;  and  for  the  quarter  are  $351,433 
in  excess  of  the  corresponding  period  of  the  previous 
year.  13 


290 


STOCK   EXCHANGE    MANUAL. 


Board  of  Directors. 

Albert  Havemeyer,  George  A.  Robbins,  George 
Talbot  Olyphant,  and  John  A.  Stewart,  of  New  York  ; 
T.  B.  Blackstone,  John  B.  Drake,  John  Crerar,  and 
John  V.  Farwell,  of  Chicago ;  and  John  J.  Mitchell, 
of  Alton. 

Chicago  and  Alton  Railroad  Bonds. 


Securities. 

Amount 

\ 

When 
Payable. 

Where 
Payable. 

0 

1 

Market 

Price. 

1st  Mortgage 

$2  400  000 

7 

Jan  &  Jnly 

New  York 

1892 

99 

1st  Mortgage  pref.  8.F. 
Income  Bonds  

554,000 
1,100,000 

7 
7 

April  &  Oct 
May  &  Nov. 

1877 

1882 

100 
94 

Transfer  office  in  New  York,  59  Exchange  Place. 
XVII. 

TOLEDO   AND  WABASH  RAILROAD. 

The  geographical  position  of  this  line  for  the  busi- 
ness it  claims  is  unrivalled.  Traversing  the  States  of 
Ohio  and  Indiana  from  Toledo  to  State  Line,  the  entire 
length  is  242  miles. 

The  capital  of  the  company  which  represents  the 
cost  of  its  roadway,  equipment,  and  other  property, 
amounts  to  $10,080,917  76,  and  is  composed  of  the  fol- 
lowing, viz. : 

General  Stock,   48,847   shares $2,442,350  00 

Preferred  Stock,  19,694       "     948,700  00 

First  Mortgage  Bonds 3,400,000  00 

Second  Mortgage  Bonds 2,500,000  00 

Sinking  Fund  Bonds 152,355  00 

Equipment  Bonds 600,000  00 

First  Mortgage  Coupons  Funded 1,512  76 

Total 110,080,917  76 


RAILROAD   STOCKS   AND   BONDS.  291 

The  gross  earnings  of  the  road  for  the  year  are 
$2,050,321  93,  which  shows  an  increase  of  $610,524  04 
over  the  earnings  of  the  preceding  year. 

The  following   statement   presents    the    immediate 
sources  of  the  earnings,  viz. : 

Passenger  Transportation ..      $546,954  69 

Freight  Transportation 1,355,444  25 

Mail  Transportation 24,300  00 

Express  Transportation. .,.          29,408  87 

All  other  sources 94,214  12 

$2,050,321  93 

Balance  of  1863 147,755  09 

Stock  sold  in  1863 70,000  00 


$2,268,077  02 

The  following  statement  presents  the  comparative 
earnings  for  the  past  five  years  : 

I860 — $926,735  37  ;  increase  over  preceding  year.. . .  $191,861  49 
1861—1,172,10045;      "  "  "  "....     245,36509 

1862—1,403,14673;      "  "  "  "   231,04628 

1863—1,439,797  89;      "            "             "           "    ....       36,651   16 
1864—2,050,32193;      "  "  "  "   610,52404 

For  the  first  three  months  of  1865,  the  earnings 
have  been  $438,924,  against  $208,473  in  1864 — a  gain 
of  $230,451. 

The  following  is  a  summary  of  the  expenditures  and 
disbursements  made,  viz. : 

Operating  Expenses $1,104,829  84 

Renewal  Expenses 251,684  84 

Construction  and  Equipment 118,923  43 

Interest,  &c 493,686  83 

Dividends 150,059  96 

Stebbins&Co 650  00 

Balance  carried  forward  in  1865, 148,242  12 

$2,268,077  02 


292  STOCK   EXCHANGE    MANUAL. 

A  dividend  of  $69,754  21  has  been  declared  on  the 
preferred  stock,  and  one  of  $80,305  75  on  the  general 
stock. 

The  company  closes  its  fiscal  year  entirely  free  from 
all  forms  of  indebtedness,  and  with  an  actual  net  avail- 
able surplus  on  hand  of  $98,401  04. 

The  most  prominent  feature  in  the  transactions  of 
the  past  year,  and  doubtless  that  which  will  afford  the 
largest  measure  of  satisfaction  to  all  parties  in  interest, 
is  the  marked  and  unprecedented  increase  in  all  branches 
of  the  traffic  of  the  road,  and  consequent  flattering  in- 
crease of  earnings.  The  revenue  account,  as  compared 
with  that  of  the  previous  year,  shows  an  increase  of 
$197,614  78  on  passenger  service,  and  $333,794  18  on 
freight  service,  and  an  aggregate  increase  of  $610,- 
524  04. 

The  rapid  growth  and  development  of  the  passen- 
ger traffic  of  the  road,  as  evidenced  in  the  successful 
results  of  the  past  year,  is  a  matter  of  especial  encour- 
agement and  satisfaction.  From  comparatively  small 
beginnings,  and  without  any  material  expenditures 
abroad,  this  branch  of  business  has  already  attained 
great  importance,  and  promises  soon  to  become  the 
most  stable  and  productive  source  of  the  current  re- 
venues. 

The  freight  traffic  has  likewise  been  exceedingly  large 
and  prosperous  during  the  entire  year,  especially  during 
the  latter  portion  of  it,  when  the  amount  of  freight 
offering  for  transportation  was  largely  in  excess  of  the 
capacity  of  the  company  to  move. 

"  In  reviewing  the  history  of  the  financial  opera- 
tions for  the  year,"  says  the  report,  "we  find  that 
the  operating  expenses  proper  have  been  about  53 


RAILROAD    STOCKS    AND    BONDS.  293 

per  cent,  of  the  gross  earnings.  From  various  causes 
these  expenses  have  been  larger  in  proportion  than 
in  preceding  years ;  but  a  large  percentage  of  this 
excess  is,  of  course,  attributable  to  the  greatly  in- 
creased cost  of  labor  and  materials  required  in  op- 
erating the  road,  and  also,  to  the  important  increase 
of  the  tonnage  moved  during  the  year,  which  has 
necessarily  required  extraordinary  service  to  be  per- 
formed by  the  equipment,  thereby  materially  augment- 
ing the  general  repairs  of  the  machinery,  as  well  as  that 
of  the  track.  But  notwithstanding  the  aggregate  ex- 
penditures of  this  department  of  the  road  may  appear 
somewhat  formidable,  yet  the  efforts  of  those  in  imme- 
diate charge  have,  throughout  the  year,  been  constantly 
and  assiduously  addressed  to  the  strictest  economy  and 
prudence  in  its  management,  and  it  is  believed  that  no 
expense  of  any  serious  moment  has  been  incurred,  that 
was  not  absolutely  necessary  and  indispensable. 

"  In  conclusion,  the  shareholders  have  not  only  abund- 
ant cause  for  congratulation  upon  the  highly  flattering 
and  successful  results  of  the  past  year,  but  substantial 
grounds  for  anticipating  a  corresponding  degree  of  suc- 
cess and  prosperity  during  the  incoming  year.  The 
agricultural  resources  of  the  country  tributary  to  our 
road  are  immense,  and  these  productions  are  increas- 
ing with  amazing  rapidity.  The  cereals  harvested 
in  this  region  during  the  season  just  closed  have 
been  unprecedently  large,  and  were  all  safely  secured, 
and  proved  of  superior  quality.  The  corn  crop, 
which  was  unusually  abundant,  still  remains  in  the 
hands  of  the  producers  comparatively  untouched,  and 
in  addition  to  this,  fully  one  half  of  the  large  wheat 
crop  is  yet  to  come  forward,  promising  us  an  amount 


294 


STOCK   EXCHANGE  MANUAL. 


of  freight  fully  equal  to  our  capacity  to  move.  A  large 
portion  of  the  beef  and  pork  product,  besides  a  heavy 
tonnage  of  rolling  freight,  is  still  back  and  to  come  for- 
ward, and  a  variety  of  other  circumstances  combine  to 
make  the  future  prospects  highly  hopeful  and  encour- 
ing." 

Toledo  and  Wabash  Bonds. 


t 

| 

Securities. 

Amount. 

When  Payable. 

Where  Payable. 

Q 

• 

i 

a 

•a 

« 

2 

1st  M.    (Toledo   and  Wa- 
bash)   

$900,000 

7 

Feb  &  Aug. 

New  York. 

18fif> 

96| 

1st  M.  (L.  E.,  Wabash  and 

2,500,000 

7 

(I                   U 

it          11 

1S65 

ii 

2dM.  (Toledo  and  Wabash) 
2d  M.  (Wabash  and  West- 

1,000,000 

7 

May  &  Nov. 

(i         it 

1873 

SO 

1  500,000 

7 

U                 it 

1C                 It 

1S7S 

14 

151,630 

7 

88 

Board  of  Directors. 

Azariah  Boody,  New  York  ;  James  Spears,  Lafay- 
ette ;  Isaac  H.  Knox,  New  York ;  William  Baker,  To- 
ledo ;  George  Cecil,  Logansport  ;  James  R.  Jesup, 
New  York  ;  Robert  Brackenridge,  Fort  Wayne  ;  Wil- 
liam Kent,  Williamsport ;  Warren  Colburn,  Toledo  ; 
John  Ross,  New  York;  William  Kidd,  Rochester;  Henry 
Keep,  New  York ;  William  Williams,  Buffalo  ;  Edward 
Wells,  Johnstown,  N.  Y. ;  John  N.  Drummond,  To- 
ledo. 

Transfer  office  in  New  York,  19  Broad  street. 

XVIII. 

OHIO   AND   MISSISSIPPI   CERTIFICATES. 

For  the  information  of  parties  who  may  have  ac- 
quired an  interest  in  the  above  concern,  we  will  state 


RAILKOAD   STOCKS   AND   BONDS.  295 

that,  by  agreement,  dated  December  15th,  1858,  a  trust 
was  created  for  the  benefit  of  the  creditors  and  stock- 
holders of  the  Ohio  and  Mississippi  Railroad  Company 
(Eastern  Division)  ;  at  the  same  time  authority  was 
specifically  given  also  to  the  trustees  by  the  certificate 
holders,  to  extend  the  operations  of  the  trust  beyond 
the  original  design,  so  as  to  embrace  such  other  prop- 
erty as  should  be  deemed  by  the  trustees  essential  or 
highly  desirable  for  the  protection  or  promotion  of  the 
interests  already  included  in  it,  and  to  issue  in  payment 
thereof  such  amounts,  in  preferred  or  common  certifi- 
cates, or  otherwise,  as  should  be  agreed  upon. 

Under  this  authority,  the  trustees  have  purchased 
the  entire  capital  stock  of  the  Ohio  and  Mississippi 
Railroad  Company  of  Illinois,  which  is  the  "Western 
Division  of  the  Broad  Gauge  Line,  known  as  the  Ohio 
and  Mississippi  Railroad,  extending  from  Cincinnati  to 
St.  Louis.  They  have  also  purchased,  or  agreed  to  pur- 
chase, all  the  mortgage  or  other  claims  against  said 
railroad  company,  except  $850,000  of  its  first  mortgage 
bonds,  and  $750,000  of  its  second  mortgage  bonds,  also 
all  properties,  rolling  stock,  other  appurtenances,  and 
branch  roads  belonging  to  said  railroad  company — the 
said  company  having  no  floating  debt,  and  the  interest 
on  its  bonds  being  substantially  paid,  or  provided  for, 
up  to  January  1st,  1865. 

In  payment  for  all  these  purchases,  the  trustees 
have  issued,  or  agreed  to  issue,  $1,279,000  in  preferred 
certificates,  and  $9,250,000  in  common  certificates. 

The  entire  stock  of  the  company  and  most  of  the 
property  so  purchased  have  already  been  delivered  to 
the  trustees  in  due  form,  and  provision  made  by  the 
trustees  for  the  reservation  of  so  much  of  the  certifi- 


296  STOCK   EXCHANGE    MANUAL. 

cates  as  shall  be  ample  equivalents  for  any  portion  of 
the  bonds  agreed  for  which  may  not  be  delivered.  The 
deliveries  already  made,  however,  are  so  full  as  to 
render  the  possible  withholding  of  the  remainder  of  in- 
considerable importance  to  the  trust. 

This  purchase  secures  to  the  trust  the  ownership, 
substantially,  and  the  control,  effectively,  of  the  entire 
line  of  340  miles  of  road  from  Cincinnati  to  St.  Louis, 
and  removes  all  hazard  of  a  diversion  or  interruption 
of  its  western  or  St.  Louis  business  at  Vincennes. 

The  property  purchased  being  through  the  level  and 
fertile  plains  of  Illinois,  is,  in  many  respects — such  as 
cost  of  maintenance  and  operation,  established  local 
business,  and  prospective  increase  thereof — of  superior 
value  to  the  Eastern  Division,  estimated  upon  a  basis 
of  mileage.  Its  purchase,  therefore,  on  such  a  basis, 
was  deemed  advantageous  by  the  trustees,  independent 
of  other  considerations,  which  made  its  possession  in- 
dispensable to  the  Eastern  Division. 

The  property  of  the  Eastern  Division,  in  reference 
to  which  the  trust  was  created,  embraces  the  line  of 
road  from  Cincinnati  to  Vincennes,  192  miles,  and  for 
this  property,  common  certificates  have  been  or  may 
be  issued,  as  stated  in  circular  of  April  17th,  1863,  for 
$12,000,000,  and  preferred  certificates,  $1.700,000. 

The  property  now  purchased  embraces  the  continu- 
ation of  the  line  from  Vincennes  to  St.  Louis,  148 
miles,  for  which  common  certificates  have  been  or  may 
be  issued  for  $9,250,000,  and  preferred  certificates, 
$1,279,000. 

The  trust  now  holds  or  is  entitled  to,  as  aforesaid, 
substantially,  all  the  stock,  bonds,  and  claims  of  both 
divisions,  covering  the  entire  line  of  340  miles,  subject 


RAILROAD  STOCKS  AXD  BOXDS.          297 

only  to  an  equal  pro-rata  amount  of  prior  liens  on 
each,  namely:  on  Eastern  Division,  192  miles,  $2,050,- 
000  first  mortgage  bonds;  on  Western  Division,  148 
miles,  $1,600,000  first  and  second  mortgage  bonds. 

Below  will  be  found  a  recapitulation  of  certificates 
issued  up  to  December  1st,  1864  : 

Preferred  Common 

Certificates.  Certificates. 

On  account  of  Eastern  Division.  .$1,138,003  45  $10,863,915  01 

"           Western       "       .     1,279,000  00  8,925,550  00 


Total  issued $2,417,003  45        $19,789,465  01 

This  amount  will  be  increased 
during  1865,  by  the  surrender 
to  the  Trustees,  according  to 
agreement,  of  all  past  due  cou- 
pons on  $1,695,000  of  the  $2,- 
050,000  First  Mortgage  Bonds, 
Eastern  Division 474, 1 1 0  00 


Total  issue  of  Certificates  up  to 

January  1st,  1865 $2,891,113  45         $19,789,465  01 

The  following  table  shows  the  gross  earnings  of  both 
divisions  for  the  past  three  years,  and  for  the  past  year 
up  to  December  1st : 

Eastern  Division.  Western  Division. 

1861 $771,999  25  $574,115  97 

1862 1,122,530  27  797,402  22 

1863 1,663,70241  1,162,12649 

1864,  first  eleven  months 1,757,131  61  1,241,312  43 

This  statement  exhibits  a  large  increase  of  receipts, 

the  gain  in  the  first  eleven  months  of  1864  over  the 

corresponding  period  of  1863  amounting  to  $425,968  90. 

The  policy  which  has  been  pursued  during  the  last 

few  years,  of  expending  in  the  improvement  of  the  road 

13* 


298  STOCK    EXCHANGE   MANUAL. 

and  rolling  stock  the  surplus  earnings  beyond  the 
amount  required  for  the  payment  of  interest  upon  the 
mortgage  bonds  and  preferred  certificates,  should,  in 
the  opinion  of  the  trustees,  be  continued  until  the  road 
is  in  a  condition  to  be  worked  with  economy. 

Uniting,  as  this  road  does,  by  the  most  direct  line, 
two  of  the  largest  cities  of  the  West,  and  forming,  by 
various  connections  with  the  seaboard,  part  of  a  great 
route,  its  through  business  must  continue  to  increase, 
while,  by  means  of  intersecting  roads,  and  the  develop- 
ment along  its  own  borders,  the  local  traffic  will  ad- 
vance in  an  equal  if  not  greater  proportion.  These 
desirable  results  can  best  be  secured  by  adhering  to  the 
plan  of  improvements  heretofore  alluded  to. 

The  Atlantic  and  Great  Western  Railroad  has  been 
completed  to  Cincinnati,  but  it  is  probable  that  the  ad- 
vantages of  this  connection  will  not  be  materially  felt 
before  the  coming  spring  or  summer.  Upon  the  open- 
ing of  this  route,  and  that  from  Pittsburg  to  Steuben- 
ville,  now  nearly  completed,  it  is  believed  that  the 
prospects  of  the  Ohio  and  Mississippi  Railroad  will  be 
much  improved. 

Trustees — William  H.  Aspinwall,  Joseph  W.  Alsop, 
Edwin  Bartlett,  David  Leavitt,  Edward  Learned, 
Samuel  W.  Comstock,  William  A.  Booth. 

Transfer  office  in  New  York,  88  Wall  street. 

XIX. 

PANAMA   EAILKOAD. 

In  ancient  or  in  modern  times  there  has,  perhaps, 
been  no  one  work  which  in  a  few  brief  years  has  ao 


RAILROAD   STOCKS   AND   BONDS.  299 

complished  so  much,  and  which  promises  for  the  future 
so  great  benefit  to  the  commercial  interests  of  the  world, 
as  the  present  railway  thoroughfare  between  the  At- 
lantic and  Pacific  Oceans  over  the  Isthmus  of  Panama. 
In  1848,  a  formal  contract  was  entered  into  by  Wm. 
H.  Aspinwall,  Henry  Chauncey,  and  others,  with  the 
Government  of  New  Granada,  on  the  most  favorable 
terms,  for  the  exclusive  privilege  of  constructing  a  rail- 
road across  the  Isthmus  of  Panama.  Among  the  most 
important  concessions  by  the  terms  of  that  contract  was 
one  guaranteeing  that  all  public  lands  lying  on  the  line 
of  the  road  were  to  be  used  gratuitously  by  the  com- 
pany ;  also  a  gift  of  250,000  acres  of  land,  to  be  selected 
by  the  grantees  from  any  public  land  on  the  Isthmus. 
Two  ports — one  on  the  Atlantic  and  the  other  on  the 
Pacific — were  to  be  free  ports.  The  contract  was  to 
continue  in  force  for  forty-nine  years,  subject  to  the 
right  of  New  Granada  to  take  possession  of  the  road  at 
the  expiration  of  twenty  years  after  its  completion,  on 
payment  of  five  millions  of  dollars ;  at  the  expiration 
of  thirty  years,  on  payment  of  four  millions  ;  and  at  the 
expiration  of  forty  years,  on  payment  of  two  millions. 
Three  per  cent,  was  to  be  paid  to  the  New  Granadian 
Government  upon  all  dividends  declared.* 

*  The  Aspinwall  steamer  brings  advices  of  the  negotiation  of  a 
new  and  very  profitable  contract  by  the  Panama  Railroad  Company 
with  the  United  States  of  Colombia.  The  company,  for  a  perpetual 
ownership  of  the  road,  and  various  new  privileges,  pays  a  bonus  of 
$500,000  in  cash,  and  issues  18,000  shares  of  stock  to  the  Govern- 
ment, not  transferable.  Under  this  arrangement  the  stock  will  stand 
as  follows : 

Present  issue $5,000,000 

Bonus  to  Colombian  Government . .  1,800,000 

Total  cost ...  *6,SOO,000 


300  STOCK    EXCHANGE   MANUAL. 

A  charter  was  granted  by  the  Legislature  of  the 
State  of  New  York  for  the  formation  of  a  stock  com- 
pany, and  in  the  early  part  of  1849  a  large  and  ex- 

The  following  arc  the  principal  points  in  the  contract  between 
the  Panama  Railroad  Company  and  T.  Cuenda,  Secretary  of  the 
Treasury  of  the  United  States  of  Colombia,  as  approved  by  Presi- 
dent Murillo,  on  the  22d  of  March,  and  to  be  afterward  laid  before 
Congress  for  its  sanction  ;  the  contract  entirely  supersedes  that  of 
April  15,  1850: 

ART.  1.  The  Government  concedes  to  the  company  the  entire 
and  perpetual  ownership  of  the  railroad  and  all  its  appurte- 
nances. 

ART.  2.  Xo  persons  or  company  shall  have  the  right  to  construct 
a  railroad  or  canal  within  150,000  metres  on  either  side  of  the 
Panama  Railroad. 

ART.  3.  The  company  agrees,  1st,  to  pay  to  the  Government  the 
sum  of  $500,000.  2d.  To  issue  in  addition  to  the  50,000  shares 
that  now  form  the  capital  of  the  company,  18,000  shares  of  $100 
each  in  favor  of  the  Government.  These  shares  are  not  to  be  trans- 
ferable, and  give  no  right  to  the  Government  to  vote  as  a  share- 
holder. The  Government  is  to  receive  26  8-17  per  cent,  of  the  divi- 
dends as  its  proportion,  and  to  have  the  right  of  appointing  one  of 
the  directors.  3d.  To  prolong  the  line  on  the  Pacific  side  to  the 
islands  of  Naos,  Culebra,  Perico,  and  Flamenco,  or  to  some  other 
point  where  there  are  at  least  8  metres  of  water  at  low  tide. 

ART.  4.  The  company  has  to  permit  the  opening  of  a  canal  be- 
tween the  Gulf  of  Caledonia  and  San  Miguel,  notwithstanding 
Article  2. 

ART.  5.  The  company  has  the  right  to  construct  any  kind  of 
road  within  the  limits  named  in  Article  2. 

ART.  8.  The  company  may  give  to  the  existing  line  of  railroad 
any  direction  that  may  be  decided  more  favorable  than  the  present. 

ART.  9.  The  Government  concedes  to  the  company  the  neces- 
sary lands  required  for  the  line,  ports,  buildings,  wharves,  &c.,  if 
they  belong  to  the  Government. 

ART.  10.  Also,  64,000  hectares  of  Government  land  in  the  State 
of  Panama,  gratis  and  forever,  which  may  be  extended  to  96,000 


RAILROAD    STOCKS    AND    BONDS.  301 

perienced  party  of  engineers  was  sent  down  to  survey 
and  locate  the  line  of  the  road.  Large  parties  of 
mechanics  and  laborers  were  constantly  arriving  from 
Jamaica,  Carthagena,  and  the  United  States.  The  con- 
struction and  surveys  progressed  with  vigor. 

The  settlement  around  the  terminus  at  Navy  Bay 
had  been  without  a  distinctive  name ;  it  was  now  pro- 
posed that  it  should  commemorate  the  services  of  one  of 
the  originators  and  unswerving  friends  of  the  road.  On 
the  2d  of  February,  1852,  it  was  formally  inaugurated 
as  a  city,  and  named  Aspinwall. 

The  road  was  pushed  rapidly  onward,  over  the 
plains  of  Panama,  to  meet  the  advancing  work  from  the 
Atlantic  side,  and  on  the  27th  day  of  January,  1855,  at 
midnight,  in  darkness  and  rain,  the  last  rail  was  laid, 
and  on  the  following  day  a  locomotive  passed  from 
ocean  to  ocean. 


hectares,  with  liberty  to  select  them  wherever  the  company 
pleases. 

ART.  13.  The  company  may  get  all  the  land  belonging  to  private 
persons  which  they  want  for  a  prolongation  or  alteration  of  the  line, 
or  for  a  double  track,  after  a  valuation  has  been  made  and  an  in- 
demnification been  paid  to  the  owner. 

ART.  19.  The  company  agrees  to  transport  the  Government 
mails  gratis,  as  also 

ART.  21.  The  troops,  armaments,  &c.,  for  the  Government's  ser- 
vice, and  its  employes  ;  also  to  charge  for  the  transportation  of  the 
products  of  the  Republic,  10  per  cent,  less  than  for  the  same  from 
other  countries,  in  exchange  for  which  agreement  the  company  shall 
not  be  required  to  pay  any  Government,  State,  or  municipal 


ART.  32.  The  company  renounces  all  right  to  make  claims  for 
the  damages  on  account  of  the  outbreak  of  the  15th  April, 
1856. 


302  STOCK    EXCHANGE   MANUAL. 

The  entire  length  of  the  road  was  47  miles  3,020 
feet. 

The  principal  works,  improvements,  and  the  con- 
tractor's account  of  the  road  were  closed  in  January, 
1859,  showing  the  entire  cost  to  that  date  to  have  been 
eight  millions  of  dollars. 

The  gross  earnings  of  the  road  up  to  that  time 
amounted  to  eight  millions  one  hundred  and  forty-six 
thousand  six  hundred  and  five  dollars.  The  running 
expenses,  together  with  depreciation  in  iron,  buildings, 
&c.,  amounted  to  $2,174,876  51,  leaving  a  balance  of 
$5,971,728  66  as  the  legitimate  return  for  the  money 
invested  in  the  road  in  a  period  of  seven  years,  during 
the  first  part  of  which  but  12  miles  were  in  operation ; 
the  second,  23 ;  the  third,  31 :  only  for  the  last  four 
years  was  the  road  in  use  throughout  its  entire  ex- 
tent. 

Out  of  these  receipts  the  directors  of  the  company, 
having  paid  the  regular  interest  on  all  mortgage  and 
other  bonds,  a  ten  per  cent,  dividend  to  stockholders 
in  1852,  one  of  seven  per  cent,  in  each  of  the  years  1853 
and  '54,  and  one  of  twelve  per  cent,  for  every  succeed- 
ing year,  showed  a  balance  of  $529,611  50,  besides  a 
sinking  fund  of  $153,393  83,  and  no  floating  debt. 

The  thirty-second  dividend  of  five  per  cent,  has  been 
declared  payable  in  April,  for  the  three  months  ending 
March  31,  1865. 

In  1856,  the  Panama  Railroad  Company  organized 
a  line  of  steam  communication  with  all  Central  American 
ports  from  Panama  to  San  Jose  de  Guatemala,  and  it  has 
been  since  a  very  profitable  business. 


RAILROAD   STOCKS    AND    BONDS. 


303 


Statement   of   the    extreme   prices,    monthly    and 
yearly,  for  the  six  years  ending  March  31,  1865  : 


January... 
February. 
March . . 
April... 
May.... 

June 

July.... 
August. 

Sept 

October 

November 

December 


125  ©13H 


127*  105  ©111*  128 


105  ©115 


Year....    106  ©146*    97|®121    110  @170    171  @,200    200  ©  300    . 


187*  245 


1864. 


232  260  ©  26} 


227  230 


1865. 


•230 


26:) 
253 


Panama  Railroad  Bonds. 


Securities. 

Amount. 

Z 

£ 

When  Payable. 

Where 
Payable. 

When 
Due. 

Market 
Price. 

1st  Mortgage  Sterling. 
2d  Mortgage  Sterling- 

$1,250,000 
1,150,000 

7 
7 

April  &  Oct. 
Feb.  &  Aug. 

London. 

1865 
1872 

100 

Board  of  Directors. 

William  Aspinwall,  Edwin  Bartlett,  Wm.  White- 
wright,  Edward  Canard,  Theodore  W.  Riley,  Henry 
Chauncey,  William  Fellowes,  Samuel  W.  Comstock, 
August  Bclmont,  Joseph  W.  AIsop,  John  Steward, 
David  Hoadley. 

President — David  Hoadley. 

General  Superintendent — William  Parker. 

Secretary — Joseph  F.  Joy. 

Transfer  office  in  New  York,  88  Wall  street. 


304 


STOCK    EXCHANGE   MANUAL, 


XX. 

MISCELLANEOUS   RAILROAD   STOCKS, 

The  following  is  a  financial  statement  of  the  most 
important  railroads  in  the  United  States  : 


Companies. 

Share 
Capital  paid 
in. 

J 

5 

1 

Net 
Earnings. 

|171,286 
78,927 

167,051 

482,656 
397,729 
488,357 

124,406 
317,258 

635,584 
113,533 
3,054,653 
628,689 
347,677 

130,645 

125,286 

168,008 
1,658.900 
1,728,548 
65,128 
1,127,244 
149,013 
350,221 
495,691 
1.216,257 
228,651 

1,228,785 
295,681 
1,350,499 

721,782 
311,056 

Atlantic  and  Great  Western..  .Pennsylvania 
Atlantic  and  Great  Western  Ohio 

$1,763,506 
866,939 
2,494,000 
1,830,000 

4,076,974 
3,160,000 
4,500,000 

1,800,000 
850,000 

2,051,750 
997,862 
16,151,362 
1,650.000 
2,048,991 

2,085.825 
1,500,000 

1,591,100 
1,280,400 
5,918,658 
1,000,000 
4,620,160 
3,350,000 
1,628,355 
2,500,000 
6,000,000 
1,167,474 

3,000,000 
1,490,800 
6,571,140 

10,247,050 
2,452,217 
2,950,000 
2,469,777 

3,000,000 
966,061 

.... 

Atlantic  and  St  Lawrence                     Maine 

8 
8 
9 

"5" 

10 

109 

119 

127* 
123 

115 
108 

200 

Boston  and  Maine....     Ma>s  ,  New  Hamp- 

shire and  Maine 
Boston  and  Providence  Mass,  and  R.  I. 

Boston,  Concord,  and  Montreal  New 
Hampshire 
Buffalo,  New  York,  and  Erie  New  York 
Buffalo  and  State  Line  New  York  and 

Pennsylvania 

Baltimore  and  Ohio.  .Maryland  and  Virginia 
Washington  Branch  Maryland 

6 
5 

2 

7 

6 
10 

'io' 

109 
127 
25 

45 
56 

61 
16 
128 
26 
175 

Bellefontaine  and  Indiana  Ohio 

Hampshire 

Connecticut  River  Massachusetts  and 

Vermont 
Connecticut  and  Passurnpsic  Rivers  Yt. 

Camden  and  Atlantic,  Preferred  
Central  of  New  Jersey  

Central  Ohio  Ohio 

io 

31 

5 
10 
8 

20 

14 
123 
130 
45 

165" 

is" 

Cincinnati,  Hamilton,  and  Dayton  " 
Cleveland,  Colnmbuo,  and  Cincinnati..  " 
Cleveland  and  Mahoning  " 

Cleveland,  Painesville,  and  Ashtabula..Ohio 
and  Pennsylvania 
Columbus  and  Xenia  Ohio 

Chicago,  Burlington,  and  Quincy...  .Illinois 
Delaware,  Lacka  wanna,  and  Western.  Penn- 
sylvania 

Detroit  and  Milwaukee  Michigan 

155,889 

390,594 
119,342 

Eastern....  Mas  aachueetts  and  New  Hamp- 
shire 
Evansvillo  and  Crawfordsville  Indiana 

6 

92 

RAILROAD    STOCKS    AND   BONDS. 


305 


Companies. 

Share 
Capital  paid 
in. 

•0 

3 

P 

«• 
I 

Net 
Earnings. 

3  540  000 

R 

106 

328  043 

Great  Western  Illinois                          Illinois 

1  648  561 

65i 

377  476 

Hartford  and  ]S"ew  Haven  Connecticut 

2,350,000 
2,000  060 

17 

217 

885,219 
150,702 

Hannibal  and  (St.  Joseph  Missouri 
Indianapolis  and  Cincinnati  Indiana 
Indianapolis  and  Madison,  Preferred  Stock. 

7,553,836 
1,689,900 
407,200 

"9" 

8 

30 
100 

f>0 

420,026 
230,834 

'•            Common  

410  600 

fi 

100 

117  941 

Indianapolis,  Pittsburg,  and  Cleveland, 
Indiana 

1,299,571 
1  015  907 

69 

350,525 
268  156 

Kennebec  and  Portland  Maine 

1,281,779 
1  852,716 

6 

45 

91,487 
52  250 

6  627  050 

^O 

66 

1  452  154 

Little  Miami  Ohio 

2,981,270 

10 

140 

791J362 

Lexington  and  Frankfort  Kentucky 

514,433 

4 

80 

53,355 

1,194  587 

3 

66 

120  069 

Louisville.  New  Albany,  and  Chicago, 
Iidiana 
Maine  Certrai         Maine 

2,800,000 
1,050,860 

36 

371,400 
174,028 

Manchester  and  Lawrence  New  Hamp- 
shire 

1,800,000 
10  379  554 

7 

103 

83,524 
299  630 

4  940  000 

329  580 

Miss'ssippi  and  Missouri                 Iowa 

2,700,000 

35 

1  158  800 

7 

116 

103  645 

Nashua  and  Lowell  Massachusetts 

600,000 

R 

125 

59,077 

Northern  New  Hampshire  New  Hamp- 
shire 
New  York,  Providence,  and  Boston.  .Rhode 
Island  and  Connecticut 

3,068,400 
1,508,000 

4 
8J 

82 
120 

153,718 
199,153 

and  Connecticut 
Northern  (Ogdensburgh)        ...  New  York 

3,572,800 
3,077,000 

12 

120 
?0 

720,462 
153,699 

4,397,800 

10 

1,C0 

694,914 

Northern  Central  Maryland  and  Penn- 

sylvania 
North  Pennsylvania        .           Pennsylvania 

3,344,860 
3,155,875 

4 

44 

?3 

1,385,497 
346,401 

North  Missouri                              .   .  Missouri 

2,594,100 

34 

182  895 

2,122  600 

5 

105 

180  839 

Old  Colony  and  Newport....  Massachusetts 
Portland  Saco  and  Portsmouth  Maine 

3,015,100 
1,500,000 

7 
6 

105 
106 

411,544 
188,121 

Providence  and  Worcester...  Massachusetts 
and  Rhode  Island 
Pennsylvania  Pennsylvania 

1,650,000 
19,860,000 

8 
10 

140 
5+ 

169,145 
4,065,113 

Philadelphia  and  Erie  

5,013,054 

17 

Philadelphia,  Wilmington,  and  Baltimore, 
Pennsylvania,  Delaware,  and  Maryland 

8,657,300 
3,364  636 

5 

120 

1,365,200 
227,398 

68413 

122,836 

Raritan  and  Delaware  Bay?  New  Jersey 

1,203,550 
2  233  376 

" 

65 

24,242 
112,163 

Syracuse  and  Binghamton  New  York 
Biritoga  and  Whitehall  •' 

1,200,130 
500,000 

.... 

.... 

184,908 
51,335 

848  770 

92  283 

Kanduaky,  Dayton,  and  Cincini  ati  " 

3.260,887 

32 

133,747 

306 


STOCK   EXCHANGE   MANUAL. 


Companies. 

Share 
Capital  paid 
in. 

1 
•> 

if 

i 

Xet 
Earnings. 

Troy  and  Boston..  New  York  and  Vermont 

605  911 

196  1°5 

Terre  Haute  and  Richmond  Indiana 

1  980  150 

18 

170 

521  254 

5  000  OOo 

252'  887 

Vermont  and  Massachusetts  Massachu- 
setts and  Vermont 
"Warren  New  Jersey 

2,214,225 
1  307  750 

"c" 

37 
103 

140,136 
154  908 

Western  Mahsachuectts 

6  150  060 

10 

128 

1  °32  831 

Williamsport  and  Elmira  Pennsylvania 
and  New  York 

1,500,000 
1,141,000 

? 

89  ' 

48,741 
132,153 

CHAPTER  YI . 

MISCELLANEOUS   STOCKS. 

I. 

CANTON    COMPANY. 

THE  Canton  Company  has  been  largely  dealt  with 
at  the  Stock  Exchange  for  the  last  years.  Shrewd 
Baltimore  speculators,  when  they  saw  New  York  capi- 
talists and  adventurers  rushing  to  the  Stock  Exchange 
and  eagerly  purchasing  every  description  of  titles, 
availed  themselves  of  the  opportunity  of  increasing  the 
list,  and  the  Canton  Company's  stock  made  its  appear- 
ance. People  purchased  without  inquiry.  Many  be- 
lieved that  it  was  a  railroad  concern — others,  a  well- 
paying  canal  somewhere  in  Maryland.  Few  knew  the 
veritable  nature  of  the  concern  and  its  objects.  Now  it 
it  is  pretty  well  understood  that  it  is  a  land  speculation, 
and  the  stock,  it  seems  to  us,  is  less  appreciated  by  the 
public  since  it  has  lost  the  mercurial  attraction  of  some 
of  our  railroad  fancy  stocks. 

It  is  not  less  than  thirty-seven  years  that  the  Canton 
Company  has  been  in  existence,  and  we  are  assured, 
which  is  easily  to  be  believed,  that  the  objects  of  its 
originators  were  purely  speculative.  We  suppose  that 


308  STOCK    EXCHANGE   MAX  (TAJ.. 

some  smart  men,  who  were  the  owners  of  marshy  lands, 
which  they  did  not  know  what  to  do  with,  obtained  a 
charter  from  the  Maryland  Legislature,  by  means  of 
which  they  sold  the  property  to  a  company  organized 
with  a  capital  stock  of  $2,000,000,  divided  into  20,000 
shares  of  $100  each. 

The  original  charter,  procured  in  1828,  was  several 
times  amended — namely,  in  1842  and  1853.  In  1842, 
12,300  shares  only  had  been  subscribed,  and  $65  per 
share  only  had  been  paid  in  ;  but  even  it  was  difficult,  it 
appears,  for  the  stockholders  to  sell  these  shares  when 
the  par  value  was  fixed  at  $65,  and  it  was  found  con- 
venient to  issue  to  the  stockholders  four  shares  for  one, 
which  increased  the  number  of  shares  to  50,000,  mak- 
ing the  par  value  of  each  16£.  And  such  is  the  history 
of  the  amendments  obtained  in  1853. 

Moreover,  another  amendment  to  the  charter  was 
again  procured  in  1858,  by  virtue  of  which  3,700  shares 
were  cancelled,  so  that  the  outstanding  number  at  this 
time  is  46,300. 

The  real  estate  which  the  company  owns  amounts 
in  round  numbers,  to  two  thousand  three  hundred  acres 
of  land,  of  which  one  half  is  within  the  limits  of  the 
city  of  Baltimore,  or  immediately  contiguous  thereto. 
This  would  be  certainly  a  valuable  location  if  we  did 
not  know  that  the  limits  of  our  cities  extend  generally 
in  an  extravagant  manner,  even  where  there  are  not 
the  slightest  expectations  of  any  urban  residence  before 
two  or  three  centuries  to  come. 

In  fact,  the  Canton  speculation  can  prove  advanta- 
geous only  when  the  250,000  inhabitants  of  Baltimore 
have  swelled,  if  ever,  to  500,000.  Then  the  great  body 
of  the  company's  property  within  the  city  will  be  well 


MISCELLANEOUS    STOCKS.  309 

adapted  to  buildings  for  manufacturing  purposes.  Al- 
ready the  aim  of  those  controlling  the  policy  of  the  Can- 
ton Company  has  been  to  encourage  the  establishment 
of  factories,  and  of  such  business  as  will  bring  with  it 
population.  If  the  success,  as  the  report  informs  us, 
has. not  been  great,  it  is  attributable  to  the  events  dis- 
turbing the  business  of  the  country. 

We  apprehend  that  another  cause  has  done  more 
than  our  civil  war  to  stop  the  progress  in  that  respect 
of  the  Canton  Company.  That  cause  is  the  same  which 
is  candidly  admitted  by  the  directors,  when  they  say 
they  have  built  large  warehouses  for  the  storage  of 
bonded  goods;  but  the  importation  of  foreign  mer- 
chandise, instead  of  increasing,  having  dreadfully  fallen 
off,  the  bonded  warehouses  are  now  vacant.  They 
have  put  their  entire  property  in  an  advanced  state  of 
preparation  for  market,  but  the  trouble  is  that  there  are 
no  purchasers.  To  make  it  really  valuable,  the  tide  of 
emigrants,  who  are  now  pouring  on  our  shores  on  their 
way  to  the  great  and  free  West,  should  be  turned  to- 
ward Maryland. 

This  brings  under  our  consideration  a  question 
which  was  often  addressed  to  us  from  persons  who 
have  become  stockholders  of  the  Canton  Company. 
What  is  the  value  of  this  stock  ?  or,  in  other  words, 
What  is  the  value  of  the  company's  property  ?  The 
directors,  in  their  report,  confess  that  for  such  an  esti- 
mate they  are  themselves  at  a  loss  for  any  rule  or  stand- 
ard to  govern  them.  How,  then,  could  we  give  certain 
data,  when  everything  is  subordinate  to  the  more  or 
less  sanguine  expectations  of  those  interested  in  that 
concern,  to  the  future  development  of  Baltimore  and 
Maryland  itself?  We  have  under  our  eyes  an  esti- 


310  STOCK   EXCHANGE   MANUAL. 

mate,  according  to  which  the  estate  is  valued  at  $2,11 6,- 
683,  which,  divided  among  46,300  shares,  would  give 
45  per  share.  But  in  that  estimate  1,000  acres  of  land 
are  put  down  at  8600  each,  which  seems  rather  enor- 
mous; the  wharf  of  the  property  is  valued  at  $125  per 
foot,  which  may  be  a  correct  value.  But  the  question, 
after  all,  is  to  show  if  these  properties  can  be  sold.  If 
purchasers  cannot  be  found,  their  value  may  be  fixed  at 
millions  of  dollars  on  paper,  without  giving  any  divi- 
dends to  anybody  but  to  future  shareholders.  We  ap- 
prehend that  such  is  the  case  for  the  Canton  Company's 
property. 

The  history  of  this  stock  is  one  of  the  curiosities 
of  the  Stock  Exchange  :  we  recur  to  its  past  history 
to  show  the  changes  since  1846  : 


1846  ......  27    @  38 

1847  ......  28    @  49 

1848  ......  28|@  34 

1849  ......  38f@  42 

1850  ......  38|  @  57 

1851  ......  53|@  82 

1852  ......  24|  @  12 

1853  ......  18    @  2 

1854  ......  2l  2 


1855  ......  18    @ 


185f» 2H  @  23| 

1857 13    @  231 

1858 19    @  25f 

1859 16i@  22± 

1860 14    @  23| 

1861 8    @  15 

1862 8    @  15 

1863 17i@34i 

1864 29    @  75 

1865 30    @38i 


Directors,  elected  June  2d,  1864. 

John  W.  Randolph,  William  Fisher,  Charles  .1. 
Baker,  Joseph  Reynolds,  B.  F.  Gardner,  of  Baltimore  ; 
Abm.  B.  Baylis,  Charles  A.  Rapallo,  George  T.  M. 
Davis,  Orville  Oddie,  of  New  York. 

Transfer  office  in  New  York,  United  States  Trust 
Company,  48  William  street. 


MISCELLANEOUS  STOCKS.         .    311 

II. 

CUMBERLAND  COAL  COMPANY. 

The  estate  of  the  company,  in  Allegany  county, 
Maryland,  comprises  about  9,000  acres,  or  fourteen 
square  miles  of  land,  of  which  it  is  estimated  that  from 
six  to  seven  thousand  acres  contain  the  great  coal  vein. 
A  large  portion  of  these  vast  fields,  lying  within  the 
slope  of  George's  Creek  Valley,  is  yet  unentered  by 
the  miner,  but  is  capable  cf  being  advantageously 
worked,  when  the  present  openings  are  exhausted,  or 
when  they  cease  to  furnish  a  supply  equal  to  the  in- 
creased demands  of  commerce.  Or  it  may  be  subdi- 
vided and  sold  to  other  parties,  should  that  be  deemed 
the  best  policy  ;  in  which  event  the  company's  railroad 
would  become  the  common  carrier  for  all.  Some  rev- 
enue is  derived  from  the  products  of  the  surface  of  the 
lands,  and  from  the  rental  of  houses  at  the  different 
mines.  In  the  past  year  the  aggregate  from  this  source 
was  $7,421  94,  besides  furnishing  forage  for  the  ani- 
mals of  the  company. 

The  company  has  now  two  mines,  known  respect- 
ively, as  the  Astor  Mine  and  the  Hoffman  Mine. 

The  Astor  Mine  is  worked  horizontally,  the  coal 
being  drawn  by  horses  from  the  innermost  point  of  the 
mine  to  the  dumping  ground,  where  it  is  discharged 
into  the  railroad  cars.  The  drainage  is  also  effected 
without  pumping — hence  the  mine  is  worked  more 
economically.  It  is  now  yielding  about  300  tons  a  day; 
but  the  amount  may  be  readily  increased  to  600  tons. 

The  Hoffman  Mine,  which  has  so  long  been  the  sub- 
ject of  litigation,  having  but  recently  come  into  posses- 


312       .  STOCK    EXCHANGE   MANUAL. 

sion  of  the  company,  has  not  yet  been  entered  upon. 
That  mine  is  undoubtedly  a  very  valuable  piece  of 
property,  and  will  abundantly  repay  the  company  for 
all  the  expenses  incurred  in  its  recovery.  As  yet  there 
is  but  one  opening,  which  is  worked  horizontally,  and 
although  a  stationary  engine  is  placed  at  the  mouth  of 
the  mine  to  work  another  opening,  it  is  not  probable 
that  it  will  be  required  for  some  time  to  come.  The 
foreman  counts  upon  being  able  to  deliver  1,000  tons  a 
day  from  the  present  opening,  and  this  amount  may  be 
augmented  by  another  opening  to  1,500  tons  per  day. 
The  coal  lies  comparatively  near  the  entrance,  which 
not  only  reduces  the  cost  of  working,  but  increases-  the 
capacity  of  the  mine. 

The  whole  length  of  railroad  owned  by  the  company 
may  be  summed  up  as  follows : 

MILES. 

Road  from  Eckhart  (Slope  Mine)  to  junction  with  Mount  Sav- 
age Railroad,  at  Wills  Creek,  west  of  the  Narrows 9.20 

From  junction  with  Mount  Savage  Railroad,  east  of  Narrows, 
to  Brown's  wharf,  at  Cumberland* 1.03 

Astor  Branch 2.23 

Total  length,  single  track  road 18.46 

Sidings 2.89 

16.35 

Through  the  Narrows  of  Wills  Creek,  the  company  use  the 
track  of  the  Mount  Savage  Railroad  toils  junction  with  the 
Baltimore  and  Ohio  Railroad,  paying  therefor  two  cents  per 

ton — the  distance  used  is 1.58 

Distance  used  of  Baltimore  and  Ohio  Railroad,  from  Mount 
Savage  road  to  Canal  wharf  of  Cumberland  Coal  and  Iron 

Company 1.19 

The  total  distance  over  which  coal  is  transported  from  the 
mines  to  the  company's  wharf  at  Cumberland,  is — 

From  Hoffman  Mine 12.90 

From  Astor  Mine..  ,.   14. S7 


MISCELLANEOUS   STOCKS.  313 

The  company's  railroad  descends  from  the  mine  to- 
ward Cumberland,  with  an  average  gradient  of  135 
feet  per  mile,  along  the  slopes  of  Braddock's  Run  and 
Wills  Creek. 

The  means  of  transportation  from  Cumberland  to 
tidewater  are  the  Chesapeake  and  Ohio  Canal,  and  the 
Baltimore  and  Ohio  Railroad.  The  former  being  the 
cheaper  mode,  is  of  course  preferred,  but  as  the  George- 
town wharf  limits  the  tonnage  by  canal,  and  as  naviga- 
tion is  suspended  for  two  or  three  months  of  the  winter, 
it  becomes  necessary  to  use  the  railroad  to  a  certain  ex- 
tent. In  cases  of  interruption  to  canal  navigation,  by 
freshets  or  breaches,  an  outlet  by  railroad  becomes  a 
matter  of  convenience,  if  not  of  necessity. 

The  president  of  the  company  has  made  the  fol- 
lowing official  statement  of  the  sale  of  the  company's 
Slope  Mine  for  $617,000,  which  is  a  sum  sufficient  to 
pay  off  its  bonded  indebtedness  and  leave  a  surplus. 
The  high  price  at  which  the  company's  preferred  stock 
is  now  selling,  however,  is  not  warranted  by  its  affairs, 
and  is  due  to  speculative  influences.  The  common 
stock  has  long  been  entirely  out  of  the  market,  and  is 
without  price : 

OFFICE  OF  THE  CUMBERLAND  COAL  AND  IRON  COMPANY,  ) 
NEW  YORK,  March  3,  1865.      f 

DEAR  SIR  :  In  reply  to  yours,  making  inquiries  as  to  the  sale  of 
the  Slope  Mine,  I  have  to  state  that  at  a  meeting  of  the  Board  of 
Directors,  held  on  the  1st  inst.,  the  contract  embracing  the  terms  of 
Bale  was  approved,  and  yesterday  I  signed  the  same  and  affixed  the 
seal  of  the  Company  thereto,  it  having  been  previously  signed  by 
the  purchaser. 

The  tract  of  land  sold  contains  about  600  acres.     The  whole 
estate  of  this  Company  embraces  9,000  acres,  of  which  about  6,009 
acres  contain  the  great  coal  vein. 
14 


314 


STOCK   EXCHANGE   MANUAL. 


The  purchaser  pays  to  the  Company  $017,000,  which  was  the 
whole  amount  of  its  debt  in  June  last,  when  the  negotiation  was 
commenced ;  but  by  the  operation  of  the  sinking  fund,  $26,000  of 
the  debt  has  since  been  paid  by  the  Company.  The  purchase  will, 
therefore,  liquidate  the  whole  debt  of  the  Company,  and  leave  $26,- 
000  cash  in  its  treasury,  in  addition  to  the  working  capital  already 
on  hand. 

An  important  feature  of  this  sale  is  the  transportation  contract, 
by  which  the  purchaser  agrees  to  transport  upon  our  railroad  all  the 
coal  mined  from  the  lands  sold,  and  from  the  Wright  Farm  adjoining 
said  lands,  and  to  pay  therefor  rates  which  will  handsomely  remu- 
nerate this  Company  for  the  use  of  its  railroad. 

The  amount  to  be  paid  for  interest  and  sinking  fund  during  the 
present  year  would  be  about  $80,000.  By  this  sale  the  Com- 
pany is  at  once  relieved  from  this  obligation. 

The  demand  for  Cumberland  coal  is  increasing,  and,  if  we  have 
no  interruption  to  canal  navigation  by  raids,  we  look  for  favorable 
results  during  the  present  year. 

Yours,  respectfully, 

ALLAN  CAMPBELL,  President. 

No  statement  of  the  affairs  of  the  company  has  been 
published  since  1859.  There  are  50,000  shares  of  the 
preferred  stock  issued,  at  $100  each. 

Statement  of  the  extreme  prices,  monthly  and 
yearly,  for  the  six  years  ending  March  31,  1865  : 


July.. 
Aug.. 
Sept.. 
Oct... 
Nov. . 
Dec... 


Year...      8    ©  17*    4    ®  9*       5    ©  17       14* ©47*     41*  ©  95 


1863. 

14*  ©  25 

19    ©20* 

16 

17   ©27 


40*  ©  474 
44*  ©  68| 
35  @40| 


Transfer  office  in  ^Tew  York,  90  Broadway. 


MISCELLANEOUS    STOCKS.  315 

m. 

QUICKSILVER   MINING   COMPANY. 

This  company  has  been  incorporated  by  an  act  of 
the  Pennsylvania  Legislature,  March  28,  1859. 

The  New  Almaden  quicksilver  mines  are  situated  on 
a  range  of  hills  subordinate  to  the  main  coast-range,  the 
highest  point  of  which  at  the  place  is  twelve  to  fifteen 
hundred  feet  above  the  valley  of  San  Jose.  Southwest 
of  the  range  which  contains  the  quicksilver  mines,-the 
coast  range  attains  a  considerable  elevation,  Mt.  Bache, 
its  highest  point,  being  over  thirty-eight  hundred  feet 
in  height. 

New  Almaden  is  approached  by  the  railroad  run- 
ning from  San  Francisco  to  San  Jose,  a  distance  of 
forty-five  miles.  In  the  course  of  it  there  is  a  rise  of 
one  hundred  feet,  San  Jose  being  of  this  elevation  above 
the  ocean.  From  San  Jose  to  New  Almaden  the  dis- 
tance is  thirteen  miles. 

A  successful  termination  of  all  the  litigation  involv- 
ing the  rights  and  interests  of  the  company,  resulting 
in  an  undisputed  possession  of  the  lands  upon  which  the 
New  Almaden  and  other  quicksilver  mines  are  located, 
and  a  successful  development  of  the  mineral  resources 
of  the  property  of  the  company,  with  results  exceeding 
the  most  sanguine  expectations,  are  the  two  prominent 
features  of  the  year. 

The  title  of  the  company  to  the  land  and  mines 
so  long  claimed  by  it,  is  now  believed  to  be  perfect 
against  all  claimants,  and  the  mines,  as  now  developed, 
yield  an  abundance  of  ore,  easily  and  cheaply  mined 
and  reduced. 


316  STOCK   EXCHANGE    MANUAL. 

The  landed  estate  of  the  Quicksilver  Mining  Com- 
pany consists,  therefore,  of  seven  thousand  eight  hun- 
dred acres,  or  a  fraction  over  twelve  square  miles,  of 
which  more  than  one  third  is  mineral  ground,  traversed 
by  veins  of  cinnabar  which  have  been  traced  for  miles, 
and  tested  in  more  than  a  dozen  places,  and  of  which 
the  celebrated  New  Almaden  mine,  which  has  pro- 
duced, prior  to  its  possession  by  this  company,  more 
than  fifty  thousand  tons  of  ore,  yielding  about  twenty- 
four  million  pounds  of  quicksilver,  is  but  a  single  de- 
velopment. 

The  total  production  of  quicksilver  from  the  mines 
now  owned  by  this  company  since  July,  1850,  during 
a  period  of  twelve  years,  exclusive  of  the  time  the  New 
Almaden  was  closed  by  injunction,  have  been  as  fol- 
lows : 

Flasks 

New  Almaden,  to  August  30,  1863 308,856 

Enriqueta,  1860  to  1863 10,571 

New  Almaden  and  other  mines  of  the  Company,  from  Sep- 
tember, 1863,  to  December,  1864,  inclusive 52,456 

Total 37 1 ,883 

Total  value  of  the  product  equal  to  about  fifteen 
millions  of  dollars  in  gold. 

Statement  from  November  1,  1863,  to  December 
31,  1864: 

Gold.  Currency. 

Total  product  of  mines,  value $1,775,058  61  £171,539  04 

Total  mine  and  general  expenses.. .      738,22238  96,50827 

Apparent  surplus $1,036,836  23  75,030  77 

Deduct  amount  expended  for  pros- 
pecting and  permanent  improve- 
ments   237,08697  43000 


Actual  surplus $799,749  36  $74.600  77 


MISCELLANEOUS    STOCKS.  317 

The  board   has  made  a  definite  appropriation  of 
these  earnings  as  follows  : 
For  the  payment  of  a  5  per  cent,  gold  dividend,  in  March, 

on  98,590  shares,  stock  outstanding,  gold $492,950 

The  balance  $306,799  36  gold  and  $74,600  77  cur- 
rency, together  with  $62,202  52  (balance  of  currency 
in  treasurer's  hands  from  sale  of  bonds),  amounting  in 
all  to  $136,803  29  currency,  was  appropriated  to  the 
extent  necessary  to  make  the  payments  for  real  estate, 
mining  claims,  and  settlement  of  old  claims,  which 
amounted  to  $359,374  66  gold. 

Product  from  January  1st, 

To  March  1st,  1865,  7,230  flasks— Gold  value. . .  $291,200 
To  March  1st,  1864,  4,655      "          "        "...    186,200 

Increase 2,625      "          «         "     ...$105,000 

The  capital  stock  of  the  company  consists  of  100,- 
000  shares,  of  the  par  value  of  $100  each:  of  this  num- 
ber 98,590  shares  have  been  issued,  and  1,410  shares 
are  owned  by  the  company,  but  placed  in  trust  to 
respond  to  the  option  of  conversion  by  the  holders  of 
141  bonds  of  the  company  issued  as  convertible  bonds. 
Capital  Stock— 98,590  shares,  at  $100  each $9,859,000. 

funded  Debt. 

First  Mortgage  Bonds,  convertible $141,000 

First  Mortgage  Bonds,  unconvertible 354,000 

payable  June  1st,  1873,  with  interest  at  7  per  cent. 
Second  Mortgage  Bonds,  outstanding,  payable  July  1st, 

1879,  with  interest  at  7  per  cent 500,000 

Mortgage  to  E.  Barren  &  Co.,  payable  September  1st, 

1865,  with  interest  at  5  per  cent,  yearly 250,000 

Mortgage  to  E.  Barren  <fe  Co.,  payable  September  1st, 

1866,  with  interest  at  5  per  cent,  yearly 250,000 

Total  Funded  Debt..  ....  $1,495,000 


318  STOCK   EXCHANGE   MANUAL. 

Floating  Debt, 

Bills  payable,  given  on  contracts  for  the  purchase  of 
real  estate,  and  settlement  of  claims  and  mining 
rights,  not  mature!,  but  payable  during  1865, 

Gold,        $168,492  50 

Currency,  $50,000  00 

The  results  of  the  year  have  largely  exceeded  the 
estimates  made  at  its  commencement.  At  the  time 
the  company  obtained  full  possession  of  the  property, 
and  for  several  months  afterward,  the  average  monthly 
production  was  about  two  thousand  five  hundred  flasks, 
while  during  the  last  six  months  the  product  has  in- 
creased to  an  average  of  over  four  thousand  flasks  per 
month.  The  improved  condition  of  the  New  Almaden 
mine,  together  with  the  opening  of  new  and  important 
mines  adjoining,  give  certain  assurance  of  an  abundance 
of  ore  for  years  to  come.  The  reduction  capacity  of 
the  works  is  equal  to  an  average  product  of  five  thou- 
sand flasks  monthly,  and  the  engineer  reports  the  mines 
in  such  condition  that  ore  can  be  furnished  largely  in 
excess  of  this  amount. 

Quicksilver,  although  an  article  of  merchandise,  ap- 
proximates nearer  to  bullion  than  any  other  product. 
It  is  an  article  of  absolute  necessity  in  the  mining  and 
mechanical  world,  and  its  consumption  is  steadily  and 
rapidly  increasing.  No  mine  of  precious  metals  can  be 
worked  without  its  use,  and  the  rapid  development  of 
the  mining  industry  of  this  continent  must  inevitably 
increase  the  great  value  of  this  property. 

There  is  no  other  mine  of  quicksilver  in  America 
which  yields  more  than  a  trifling  amount,  and  but  one 
otJier  in  the  world,  the  old  Ahnaden  of  Spain. 


MISCELLANEOUS   STOCKS.  319 

The  influence  and  power  exerted  by  the  proprietors 
and  lessees  of  that  mine,  before,  the  opening  of  the 
California  mine,  in  controlling  the  bullion  of  the  world 
by  virtue  of  the  monopoly  of  quicksilver,  is  a  well- 
known  fact  in  history,  and  adds  a  dignity  and  national 
importance  as  well  as  intrinsic  value  to  the  ownership 
of  these  mines. 

The  relation  of  quicksilver  to  bullion,  its  intimate 
connection  with  the  mining  enterprises  daily  springing 
into  existence,  and  its  consequent  connection  with  the 
finances  of  the  country,  are  subjects  worthy  the  careful 
consideration  of  every  stockholder  in  forming  a  just 
estimate  of  the  value  of  this  property.  The  stock  of  the 
company  at  its  present  low  price  in  gold,  has  been  to 
some  extent  purchased  for  account  of  parties  on  the 
Pacific  coast,  and  a  sufficient  quantity  has  already  gone 
into  European  hands  to  bring  several  applications  for 
the  establishment  of  agencies  and  opening  transfer 
offices  in  London  and  upon  the  Continent. 

Directors — Hon.  Samuel  G.  Arnold,  Providence, 
R.  I. ;  S.  L.  M.  Barlow,  William  Bond,  New  York ; 
John  A.  Collier,  Binghamton,  N.  Y. ;  Robert  H.  Crit- 
tenden,  James  Eldredge,  John  Elliott,  George  J.  For- 
rest, New  York  ;  Thomas  A.  Scott,  Philadelphia,  Pa. ; 
Edward  Waller,  Howell  L.  Williams,  New  York. 

President — William  Bond. 

Vice- President — S.  L.  M.  Barlow. 

Treasurer — Robert  H.  Crittenden. 

Transfer  office  in  New  York,  21  Nassau  street. 


320  STOCK    EXCHANGE   MANUAL. 

IV. 

MARIPOSA   MIXING   COMPANY. 

The  Mariposa  estate,  upon  which  are  conducted 
the  operations  of  the  Mariposa  Company,  is  situated 
in  Mariposa  county,  California,  and  lies  to  the  south- 
east of  San  Francisco,  and  upon  the  western  slope  or 
face  of  the  Great  Sierra  Nevada  range  of  mountains. 
The  estate  is  80  miles  distant  from  Stockton,  and  about 
200  miles  from  San  Francisco  ;  it  embraces  an  area  of 
44,387  acres,  which  is  equal  to  seventy  square  miles  of 
land. 

The  first  attempt  to  work  the  quartz  rock  was  made 
by  General  Fremont,  in  about  the  year  1850.  He  en- 
countered all  the  difficulties  incident  to  an  untried  ex- 
periment, aggravated  by  the  opposition  of  the  people 
inhabiting  the  estate.  It  was  not  until  February  19th, 
1856,  that  the  title  of  General  Fremont  to  the  fee 
simple  of  the  Mariposa  estate  was  confirmed  by  letters 
patent  from  the  United  States,  and  not  until  1859  that 
his  full  and  perfect  title  to  all  the  minerals  found  upon 
it  was  fully  established  by  a  decision  of  the  Supreme 
Court. 

The  Mariposa  estate,  just  previously  to  the  or- 
ganization of  the  company,  was  owned  by  Major- 
General  Fremont,  Frederick  Billings,  and  A.  A.  Selover, 
in  the  proportion  of  six  eighths  to  the  former  and  one 
eighth  to  each  of  the  latter-named  gentlemen. 

The  interest  of  General  Fremont  was  very  much 
encumbered,  and  on  the  10th  of  January,  1863,  he  exe- 
cuted a  mortgage  to  Morris  Ketchum  for  the  sum  of 
$1,500,000. 


MISCELLANEOUS   STOCKS.  321 

The  negotiation  for  forming  the  company  began  in 
January,  1863,  and  progressed  till  finally,  on  or  about 
the  25th  June,  1863,  the  whole  estate  was  consigned  to 
the  company  by  Ketchum,  Billings,  and  Selover,  sub- 
ject to  the  mortgages  of  $1,500,000,  which  mortgages, 
by  an  agreement  between  Fremont,  Billings,  Selover, 
Ketchum,  and  Pry  or,  under  date  of  24th  June,  1863, 
were  declared  to  be  held  in  trust  to  secure  payment  of 
1,500  bonds  of  $1,000  each,  payable,  principal  and  in- 
terest, in  coin,  within  ten  years  from  date,  said  agree- 
ment further  reciting  that  the  only  purpose  of  said 
mortgages  was  to  raise  money  to  pay  or  purchase  in 
the  encumbrances  and  liens  upon  the  Mariposa  estate, 
which  were  estimated  not  to  exceed  $1,500,000. 

The  amount  paid  by  the  company  for  the  estate, 
with  all  and  singular  its  improvements,  was  the  sum  of 
$10,000,000  in  stock  of  the  company,  subject  to  the 
mortgages,  which  stock  was  divided  into  100,000 
shares  of  $100  each,  and  was,  as  appears  by  the  stock 
ledger  of  the  company,  issued  in  the  first  instance  as 
follows :  to  Morris  Ketchum  75,000  shares,  and  to 
Messrs.  Billings  and  Selover  12,500  shares  each. 

Here,  then,  we  have  the  company  organized  and 
launched  upon  the  market  with  a  capital  of  $10,000,000 
and  a  debt  of  $1,500,000,  without  a  dollar  reserved  for 
working  capital. 

From  the  start,  the  company  seems  to  have  gained 
the  confidence  of  the  public,  for  both  bonds  and  stock 
are  now  scattered  broadcast  upon  the  market.  But  we 
think  that  the  first  grand  error  which  has  led  to  the 
present  embarrassment  was  in  the  organization  itself. 
By  that  organization  the  whole  life-blood  of  the  com- 
pany, so  far  as  the  company  itself,  as  a  company,  is 
14* 


322  STOCK    EXCHANGE   MANUAL. 

concerned,  was  'exhausted.  Instead  of  either  extin- 
guishing the  entire  indebtedness  of  the  estate,  as  was 
proper  and  requisite  to  the  success  of  the  company,  and 
setting  aside  one  third  or  one  half  of  its  enormous 
capital  stock,  which  could  have  reasonably  been  af- 
forded, as  a  means  from  which  to  raise  a  working 
capital,  neither  was  done,  but  the  whole  stock  was  dis- 
tributed among  the  original  proprietors,  and  the  es- 
tate saddled  with  a  debt  virtually  to  themselves  of 
$1,500,000. 

Disaster  is  now  the  result.  Full  stocks  and  full 
bonds,  and  no  margin  left. 

Besides  this,  the  company  have  issued  common 
bonds  amounting  to  $2,000,000,  about  $740,000  of 
which  have  been  converted  into  stock,  $250,000  of 
which  are  now  held  by  the  company,  and  the  balance 
are  in  the  hands  of  various  outside  parties. 

We  think  that  the  following  figures  are  pretty  nearly 
correct,  and  that  they  convey  an  intelligent  idea  of  the 
present  situation  of  the  company  : 

Stock $10,740,000 

Debts  of  all  kinds : 

First  mortgage  (including  six  months'  interest) $1,500,000 

Second  bonds,  actually  out 1,010,000 

"             in  hands  of  company 250,000 

Brummagim,  or  Garrison  debt  (in  coin) 200,000 

Clark  mortgage 57,000 

Floating  debt  (in  coin) 135,000 

Assets  : 
The  estate  in   California,    personal   property 

(estimated  in  gold) $485,000 

Cash  on  hand  (currency). .. 134,000 

1610,000 


MISCELLANEOUS   STOCKS.  323 

We  will  now  leave  this  branch  of  our  investigation 
and  take  up  its  mining  operations;  and  here  a  cheerful 
view  by  no  means  presents  itself,  judged  by  the  results 
obtained  by  the  working  of  the  estate  the  year  im- 
mediately preceding  the  formation  of  the  company  ; 
and  by  the  estimated  products  of  the  estate  under  good 
management,  as  set  forth  in  the  professional  report  of 
Messrs.  Garnett  and  Wakelee,  under  date  of  15th  of 
June,  1863,  the  results  are  a  failure.  For  the  five 
months  preceding  July,  1863,  according  to  that  report, 
the  estate  had  yielded  from  all  sources  about  $90,000 
per  month,  at  an  average  cost  of  $40,000,  leaving  a  net 
yield  of  $50,000  monthly,  or  $600,000  per  annum  in 
gold,  which  yield  Messrs.  Garnett  and  Wakelee  esti- 
mated might  be  increased  by  working  the  tailings  of 
the  Benton  mill,  and  good  management,  to  about 
$170,000  monthly;  whereas  the  results  of  the  com- 
pany's operations  for  the  six  months  from  July  1, 1863, 
to  January  1, 1864,  for  merely  mines  and  mills,  were : 

Production $186,993  19 

Expenditure 261,517  18 


Leaving  arrears $74,523  99 

From  January  1st,  1864,  to  January  1st,  1865,  the  pro- 
duction about $465,000  00 

Expenditure 760,000  00 

Leaving  arrears $295,000  00 

Soon  after  the  company  was  organized,  there  was  a 
sad  falling  off  .in  the  yield  of  the  mines. 

Mr.  Olmstead,  well  known  by  his  great  and  enduring 
work  of  the  Central  Park,  was  sent  out,  and  arrived  in 
California  in  October.  He  found  the  mines  in  a  bad 


324  STOCK   EXCHANGE   MAXUAL. 

condition,  and  that  the  expectation  had  been  too  large. 
As  soon  as  he  had  examined  the  situation  of  the  mines, 
he  informed  the  trustees  that  up  to  July,  1864,  the 
outlays  would  necessarily  be  greater  than  the  yield. 
Since  that  time,  although  the  results  have  not  come  up 
to  the  expectations  of  many,  yet  on  the  whole,  his  suc- 
cess has  not  been  discouraging. 

The  yield  for  August  was $45,000 

*'      "       "  September  was 62,000 

"      "       "   October  was 61,000 

"      tt       u  November  was 83,000 

"      "       "   December  was 45,000 

Making  a  total  for  five  months $286,000 

In  January,  Mr.  Olmstead  had  on  hand  supplies  and 
merchandise  for  laborers  for  six  months  to  come,  and 
their  cost  is  estimated  at  $190,000.  The  payment  for 
these  supplies,  and  the  falling  off  of  December  yield, 
have  brought  on  the  present  crisis. 

Previous  to  this,  the  trustees  had  given  notice  that, 
in  addition  to  paying  coupons  on  the  bonds  due  1st 
January,  they  would  pay  the  principal  on  twenty-five 
of  the  bonds.  This  announcement  was,  to  say  the  least, 
premature,  and  as  the  sequel  proves,  a  blunder.  They, 
perhaps  not  unreasonably,  supposed  that  from  the  in- 
creasing monthly  yield  from  August,  they  might  expect 
that  of  December  would  have  been  nearly,  or  quite, 
$100,000.  ISTor  were  they  advised,  until  notified  by 
Mr.  Olmstead's  drafts,  that  they  would  be  called  upon 
to  pay  anything  there. 

The  immediate  wants  of  the  company  are  the  means 
to  pay  the  debt  in  California,  $135,000,  and  the  interest 
on  the  coupons  due  1st  January,  $50,000,  making 


MISCELLANEOUS   STOCKS.  325 

$1 85,000.  Could  that  amount  be  immediately  raised, 
the  property  could  be  taken  from  the  hands  of  the 
sheriff,  and  the  work  of  mining  go  on. 

Nothing  has  yet  been  done. 

The  Mariposa  stock  was  sold  for  the  first  time  at 
the  Stock  Exchange  in  October,  1863,  at  55.  Last 
January,  it  went  down  to  8.  It  has  since  recovered  to 
16  and  17,  at  the  beginning  of  April. 

Transfer  office  in  New  York,  34  Wall  street. 

V. 

PACIFIC   MAIL   STEAMSHIP   COMPANY 

The  origin  of  the  Pacific  Mail  Steamship  Company 
dates  back  as  far  as  the  year  1847,  when  the  Congress 
of  the  United  States  empowered  the  Secretary  of  the 
Navy  to  contract  with  Mr.  Arnold  Harris  for  the  trans- 
portation of  mails  in  steamships  from  Panama  to  Ore- 
gon, once  a  month  each  way,  for  a  term  of  ten  years, 
at  an  annual  compensation  of  $199,000,  the  contract 
subject  to  the  action  of  Congress  at  its  next  session  of 
1847-'8.  The  treaty  with  Great  Britain,  which  had 
previously  adjusted  the  vexed  question  of  her  boundary 
line  of  Oregon,  had  turned  public  attention  to  her  rich 
valleys,  and  thousands  of  settlers  were  seeking  a  per- 
manent home  in  Oregon  by  the  wild  paths  to  the 
Pacific  across  the  Plains.  The  object  of  Congress  in 
making  an  appropriation  for  steamer  service  on  the 
Pacific  was  not  only  to  facilitate  the  intercourse  be- 
tween the  Atlantic  States  and  the  United  States  pos 
sessions  on  the  Pacific,  substituting  a  mode  of  travel 
which  would  bring  settlers  within  thirty  days'  journey  oi 


326  STOCK   EXCHANGE    MANUAL. 

the  Atlantic  States,  thereby  dispensing  with  the  long  and 
perilous  journey  overland,  or  the  more  tedious  voyage 
around  Cape  Horn,  but  to  have  steamers  on  the  Pacific 
easily  convertible  into  war  steamers  for  the  protection 
of  actual  settlers  in  that  isolated  land,  should  occasion 
call  for  such  service. 

On  the  20th  of  November,  1847,  Mr.  William  H. 
Aspinwall  became  the  assignee  of  Mr.  Harris's  contract, 
and  about  twenty-five  sagacious  and  enterprising  men 
of  New  York  joined  him  in  the  effort  to  carry  out  the 
undertaking  it  involved.  Contracts  for  the  building 
of  suitable  vessels  were  made,  and  their  construction 
pushed  vigorously  onward. 

On  the  2d  of  February,  1848,  the  treaty  of  Guada- 
lupe  Hidalgo  was  signed ;  in  the  following  May  ratifica- 
tions were  exchanged,  and  in  July  it  was  proclaimed, 
and  California  became  the  property  of  the  United 
States,  thus  greatly  increasing  the  immediate  necessity 
of  improved  communication  with  the  Pacific  coast. 
The  pioneer  steamship,  the  California,  was  launched  on 
the  19th  of  May,  1848,  the  Panama  soon  after,  and  the 
Oregon  on  the  5th  of  August  of  the  same  year. 

On  the  3d  of  August,  1848,  the  United  States  Con- 
gress granted  to  the  Pacific  Mail  Steamship  Company 
81 99,000,  being  an  advance  of  one  year's  pay,  provided 
their  steamers  should  touch  at  certain  ports  in  Califor- 
nia on  their  voyages. 

On  the  30th  of  September,  1848,  the  company  was 
formally  organized,  $400,000  of  stock  having  been  paid 
in  according  to  the  terms  of  their  charter. 

On  the  5th  of  October,  1848,  the  California  went  to 
sea.  Her  consorts  followed  at  short  intervals.  The 
discovery  of  the  gold  mines  of  California  took  place 


MISCELLANEOUS    STOCKS. 


327 


while  the  steamers  were  on  their  route  to  the  Pacific  ; 
and  the  California,  touching  at  the  port  of  Panama, 
found  there  a  multitude  of  anxious  gold-seekers  from 
the  United  States,  who  had  crossed  the  Isthmus,  via 
Chagres,  to  meet  her  for  the  voyage  from  thence  to 
California.  Each  succeeding  steamer  found  similar 
crowds  awaiting  its  arrival,  and  the  organization  of  the 
route,  which  at  once  took  place,  has  continued  in  re- 
gular operation  up  to  the  present  day,  with  such  addi- 
tions to  their  number  and  increased  tonnage  as  the 
rapidly  growing  traffic  required. 

The  Pacific  Mail  Steamship  Company  has  always 
been  characterized  by  the  great  and  judicious  liberality 
of  its  management,  and  it  has  always  paid  the  best 
dividends. 

Capital  stock,  $4,000,000. 

Statement  of  the  extreme  prices,  monthly  and  yearly, 
for  the  six  years  ending  March  31,  1865  : 


Jan. 

Feb 

March  . 

April. 

May.. 

June.. 

July.. 

AUK-  . 

Sept.. 

Oct... 

Nov.. 

Dec  .. 

Year.. . 


70 


©101$ 
85*  ©107 
S9    @  93f 
S3    @  92$ 
77f  @  85 
11\  ©  86* 
82J  ©  94£ 
70    @  94 
4}  @  85* 


70  ©  107*50  ©  100 


80*  @  88 

82 

50 


88*93 
" 


86 

60*  ©  71 
59  ©69 
69  ©  77 

78* 
89* 
88*  ©  96* 
86  ©100 
78*  ©  91 


115 

104* 

107* 

109* 

117* 

117 


124*  20S 
210 


91    @  137 


136*  ©178    219  @  231 
171    214  ©  234 

195  220  ©  237 

196  212  @  239 
222  @  238 
235§@  298 
274*©  281 

239*275  @  2SH 
'    265  ©  285 
248    270  ©  325 
288*  801  ©  320 


136*  ©248 


820 
885 
820 


212  ©  825 


directors — Allen  McLane,  Howard  Potter,  Francis 
Skiddy,  Charles  A.  Davis,  William  Dennistoun,  Leonard 
W.  Jerome,  Elisha  Riggs,  Charles  H.  Russell,  Moses 
H.  Grinnell. 

Transfer  office  in  New  York,  88  Wall  street. 


328  STOCK   EXCHANGE  MANUAL. 

VI. 

ATLANTIC   MAIL   STEAMSHIP   COMPANY. 

In  June,  1864,  Mr.  Vanderbilt  sold  his  steam- 
ship property  between  New  York  and  Aspinwall  to  a 
third  party.  This  party  has  formed  a  corporation,  with 
a  capital  stock  of  $4,000,000,  divided  into  40,000 
shares. 

This  stock  has  been  already  placed  in  the  Stock  Ex- 
change, and  is  quoted  at  150. 

Transfer  office  in  New  York,  5  Bowling  Green. 

VII. 

DELAWARE   AND   HUDSON   CANAL   COMPANY. 

This  canal,  the  property  of  an  incorporated  com- 
pany, is  109  miles  long,  83  being  in  this  State,  between 
Port  Jervis  on  the  Erie  Railroad,  and  Rondout  on  the 
Hudson  river. 

In  pursuance  of  a  call  made  by  a  resolution  of  the 
board  of  managers,  a  meeting  of  the  stockholders  was 
held  at  the  office  of  the  company,  on  the  21st  of  April, 
to  consider  the  expediency  of  making  an  addition  of 
25.000  shares  to  the  capital  stock.  An  ordinance  was 
enacted  authorizing  the  increase;  and  directing  that 
12,500  shares  should  be  apportioned  among  those  who 
may  be  stockholders  on  the  12th  day  of  July  next, 
in  the  ratio  of  one  for  every  six  so  held  by  them.  The 
board  of  managers  was  authorized  to  dispose  of  the 
remaining  12,500  shares,  at  such  time,  and  in  such  way, 


MISCELLANEOUS   STOCKS.  329 

whether  by  sale  or  apportionment,  as  they  may  deem 
best  for  the  interests  of  the  company. 

The  power  to  make  such  addition,  so  far  as  may  be 
necessary  to  carry  out  the  objects  for  which  the  com- 
pany was  incorporated,  is  distinctly  conferred  upon  the 
stockholders  by  the  charter ;  and  the  power  has  been 
exercised  by  them  five  several  times  in  the  history  of 
the  company.  The  capital  has  thus  been  increased  by 
successive  additions,  from  $1,500,000  to  $7,500,000,  the 
amount  at  which  it  now  stands.  No  enlargement  of  the 
capital  has,  however,  ever  been  made,  and  none  would 
have  been  warranted,  except  to  provide  means  for  ad- 
ditions to  the  company's  works,  or  working  capital,  or 
for  the  extinguishment  of  debts  incurred  in  making  such 
additions. 

The  experience  of  the  company  has  fully  justified 
the  policy  which  has  been  pursued  ;  and  the  high  stand 
which  the  securities  have  so  long  held,  and  which  they 
continue  to  hold  in  the  market,  is  a  sufficient  proof 
that  all  its  acts  in  carrying  out  this  policy  have  been 
regarded  by  the  public,  equally  with  the  stockholders, 
as  legitimate  and  necessary. 

The  increase  is  in  strict  accordance  with  the  princi- 
ple which  has  governed  in  previous  cases  of  a  similar 
kind.  The  last  addition  to  the  capital  stock  was 
made  in  the  year  1856.  Between  March  1,  1857, 
and  March  1,  1864,  the  sum  of  $2,149,909  87  was  ex- 
pended in  creating  and  extending  facilities  for  the 
production,  transportation,  and  handling  of  coal;  and 
in  adding  to  the  necessary  working  capital.  These  ad- 
ditions and  improvements  were  made,  strictly  to  carry 
out  the  purpose  for  which  the  company  was  incorpo- 
rated. It  is  now  able,  under  equally  favorable  circum- 


330 


STOCK   EXCHANGE   MAXUAL, 


stances,  to  produce  and  bring  to  market  twice  as  much 
coal  as  in  1857  ;  and  we  find  that  the  return  of  profit  is 
in  a  ratio  more  than  corresponding  to  the  expenditure 
made.  There  would  therefore  seem  to  be  no  good  rea- 
son why  the  increased  investment  should  not  be  repre- 
sented by  an  addition  to  the  capital  stock. 

The  capital  stock  will  then  be  $10,000,000,  a  sum 
amply  represented,  at  low  valuations,  by  the  permanent 
investments  of  the  company. 

There  remains,  however,  a  funded  debt  of  $1,200,- 
000  to  be  provided  for ;  one  half  of  which  will  fall  due 
in  1865,  and  the  remainder  in  1870. 

During  the  seven  years  between  March  1,  1857,  and 
March  1,  1864,  the  stockholders  of  the  company  have 
received  in  cash  dividends  5 9^  per  cent.,  an  average  of 
8£  per  cent,  per  annum,  and  amounting  in  the  aggre- 
gate to  $462,500. 

The  statement  of  the  business  for  the  year  ending 
March  1,  1864,  shows  a  net  profit  of  $2,557,333  86,  or 
about  34  per  cent,  on  the  capital  stock. 

Two  dividends  of  10  per  cent,  each  have  been  de- 
clared last  August  and  last  February. 

Statement  of  the  extreme  prices,  monthly  and 
yearly,  for  the  six  years,  ending  March  31,  1865  : 


Year. . . . 


MISCELLANEOUS   STOCKS.  331 

Hoard  of  Managers. 

Win.  S.  Herriman,  Charles  N.  Talbot,  Edward  J. 
Woolsey,  G.  Talbot  Olyphant,  Robert  Ray,  Samuel  B. 
Schieffelin,  Abiel  A.  Low,  Robert  L.  Kennedy,  James 
M.  Halsted,  LeGrand  B.  Cannon,  John  L.  AspinwalJ, 
John  J.  Crane,  James  R.  Taylor. 

Transfer  office  in  New  York,  29  William  street. 


VIII. 

AMERICAN   COAL   COMPANY. 

» 

This  company,  of  Allegany  county,  Maryland,  was 
incorporated  in  1853,  with  a  capital  stock  of  $1,500,000. 

The  shipments  of  the  Chesapeake  and  Ohio  Canal 
commenced  on  the  12th  day  of  March,  1864,  and  con- 
tinued, with  perhaps  not  more  than  the  usual  interrup- 
tion by  accidents,  until  the  close  of  June,  when  the  in- 
vasion of  the  State  of  Maryland,  by  rebel  troops,  again 
suspended  all  operations. 

The  last  raid  seemed  to  have  been  more  for  the 
purpose  of  depredation  than  those  of  former  years,  and 
so  great  was  the  damage  inflicted  upon  the  canal  prop- 
erty, that  full  three  months  elapsed  before  it  was  avail- 
able for  an  active  resumption  of  business. 

This  loss  of  time,  at  the  very  height  of  the  season, 
is  the  great  misfortune  of  the  past  year,  for,  not  only 
for  the  time  was  its  effect  felt,  but  it  was  a  disaster 
that  followed  through  the  remainder  of  the --business 
season. 

The  operations  of  1864,  however,  have  been  sue- 


332  STOCK    EXCHANGE    MANUAL. 

cessful  enough,  as   it   appears   by  the  following  state- 
ment: 

Surplus  December  31,  1863 $172,757  56 

Earnings  of  year  1864 123,410  80 

$296,168  36 
Deduct  dividend  paid  February  10,  1864,  4  per  cent 60,000  00 

$236,168  36 
Deduct  dividend  paid  August  10,  1864,  4  per  cent 60,000  00 

Surplus  fund,  January  1,  1865 $176,168  36 

Market  price  in  April,  65  @  70. 

Directors — M.  B.  Bramhall,  Henry  Delafield,  C. 
F.  Lirermore,  Benjamin  Williamson,  David  Stewart, 
Waldo  Hutchins,  John  B.  Cazeaux,  Michael  Lienau, 
James  A.  Alexander. 

President — M.  B.  Bramhall. 

Secretary — G.  P.  Lloyd. 

Transfer  office  in  New  York,  111  Broadway. 


IX. 

CENTRAL   COAL   COMPANY. 

The  Central  Coal  Mining  and  Manufacturing  Com- 
pany is  organized  under  a  special  charter  from  the  State 
of  Maryland,  with  a  capital  of  two  million  (2,000,000) 
of  dollars,  in  twenty  thousand  shares  of  one  hundred 
dollars  each.  The  entire  capital  has  been  subscribed 
and  paid  up,  in  accordance  with  the  provisions  of  the 
charter,  by  a  transfer  to  the  company  of  the  lands  and 
mines  purchased  for  that  purpose. 

The  lands  and  mines  consist  of  3,917  acres  within 


MISCELLANEOUS   STOCKS.  383 

the  bituminous  coal  field  of  Allegany  county,  Maryland 
— 1,100  acres  of  which,  lying  in  one  compact  body,  are 
underlaid  with  the  celebrated  fourteen  feet  vein  of  coal, 
constituting  the  very  heart  and  centre  of  the  whole 
coal  field,  and  are  unequalled  for  extent  of  big  vein  or 
facility  of  mining  by  any  other  body  of  lands  possessed 
by  any  other  company  on  George's  Creek.  These  lands 
are  situated  on  the  west  side  of  George's  Creek,  and 
adjoining  the  lands  of  the  George's  Creek  Coal  and 
Iron  Company,  and  directly  opposite  those  of  the 
American  Coal  Company.  The  entire  body  of  coal  lies 
above  water  level,  requiring  no  pumps  or  machinery 
for  raising  the  coal,  but  the  mines  drain  themselves,  and 
have  the  most  perfect  ventilation.  One  of  the  proper- 
ties constituting  about  one  quarter  of  this  body  of  big 
vein,  is  known  as  the  "  Detmold  Mines,"  and  has  been 
worked  for  several  years.  The  improvements  are  of 
the  best  and  most  substantial  character,  and  ample  in 
every  respect,  consisting  of  inclined  plane,  railroad, 
dwellings,  tavern,  store,  and  stables,  and  fully  provided 
with  all  the  necessary  cars,  canal  boats,  horses,  stock, 
and  plant  for  the  production  and  transportation  to 
market  of  six  to  eight  hundred  tons  of  coal  per  day. 
The  mines  and  works  are  now  in  perfect  order  and  full 
activity. 

The  coal  account  shows  a  net  profit  on  the  year's 
business  of  $70,900,  being  a  trifle  over  3^  per  cent,  on 
the  capital  stock  of  the  company.  The  business  of  the 
year  has  fallen  much  short  of  what  was  expected,  ow- 
ing to  the  following  causes  : 

The  opening  of  the  New  Mine  on  the  Ravenscraft 
property  was  delayed  nearly  two  months,  in  conse- 
quence of  the  unexpected  difficulties  in  obtaining  the 


334  STOCK   EXCHANGE   MANUAL. 

right  of  way,  which  were  finally  adjusted  with  the  ap- 
probation of"  the  board,  by  an  exchange  of  land  greatly 
to  the  advantage  of  the  company.  The  New  Mine  has 
since  then  been  completed,  and  is  in  all  respects  a  model 
work,  fully  doubling  the  productive  capacity  of  the  com- 
pany's works. 

In  the  very  height  of  the  shipping  season  the  navi- 
gation of  the  canal  was  interrupted  by  rebel  invasion 
for  two  and  a  half  months.  Nine  of  the  boats  engaged 
in  carrying  the  company's  coal  were  burned  by  the  re- 
bels, inflicting  a  loss  of  $3,385  61,  the  boats  being  in 
great  part  owned  by  the  captains  running  them.  The 
loss  of  these  boats  diminished  the  boating  capacity  of 
the  company  very  seriously.  After  resumption  of  nav- 
igation the  frequent  capture  of  horses  and  mules  on 
the  canal  by  guerillas  and  horse  thieves  from  Virginia 
continued  to  interfere  materially  with  the  regular  canal 
transportation. 

The  railroad  to  Baltimore  was  equally  interrupted 
by  constant  rebel  interference,  and  their  carrying  capa- 
city greatly  reduced  by  destruction  of  their  engines, 
cars,  and  machine  shops. 

In  view  of  the  above-stated  disappointments  and 
interruptions,  together  with  the  necessarily  heavy  ex- 
penses to  which  every  newly  organized  company  is  un- 
avoidably subjected  during  the  first  year  of  operations, 
the  result  of  full  three  and  a  half  per  cent,  net  profits 
on  really  only  about  one  third  of  a  year's  business,  can- 
not be  deemed  unsatisfactory,  but  may  well  be  taken 
as  a  fair  augury  of  the  future  good  prospects  of  the 
company. 

Market  price  in  April,  42  @  56. 

Directors — Christian  E.  Detmold,  James  Hoy,  Geo. 


MISCELLANEOUS   STOCKS.  335 

Opdyke,  Henry  Clews,  Henry  Delafield,  James  Dayton, 
Gustav  Kutter,  Henry  L.  Gilbert,  Thomas  Paton. 
Transfer  office  in  New  York,  111  Broadway. 


X. 

PENNSYLVANIA  COAL  COMPANY. 

This  company  has  been  incorporated  with  a  capital 
stock  of  $3,200,000,  and  has  been  in  successful  opera- 
tion for  very  many  years. 

The  net  profits  of  the  business  of  the  year  1863 
amounted  to  $1,000,082  81,  or  a  fraction  over  thirty- 
one  per  cent,  on  the  capital  stock.  Out  of  these  earn- 
ings, dividends,  amounting  to  30  per  cent,  have  been 
declared. 

The  company  made,  during  the  year  1864,  a  profit 
of  48  per  cent,,  of  which  30  per  cent,  have  been  dis- 
tributed. 

The  construction  of  the  new  road  along  the  Lacka- 
waxen  river,  to  connect  with  the  Erie  Railway  at  Lack- 
awaxen,  was  sufficiently  completed  to  enable  the  trans- 
portation of  coal  upon  it  to  be  commenced  about  the 
middle  of  December,  1863  ;  since  which,  coal  trains 
have  been  regularly  run  over  it  and  the  Erie  Railway. 
During  the  close  of  navigation  on  the  Hudson  river, 
the  coal  was  delivered  at  Jersey  City,  and  since  then,  it 
has  been  delivered  at  Newburgh,  where  the  piers  and 
other  arrangements  for  its  reception  and  delivery  had 
been  completed. 

The  quantity  of  coal  transported  over  the  new 
branch  and  the  Erie  Railway,  between  January  1  and 
August  of  1864,  was  139,746  tons. 


336 


STOCK    EXCHANGE   MANUAL. 


The  tonnage  upon  the  railway  is  to  be  annually  in- 
creased. To  provide  for  which,  and  to  maintain  the 
same  quantity  upon  the  canal,  additional  mines  have 
been  and  are  being  opened.  A  branch  railway  of  a 
few  miles  in  length  is  also  contemplated,  to  extend 
from  the  summit  of  the  company's  road,  about  twenty- 
eight  miles  from  Hawley,  to  its  coal  lands  in  the  vicin- 
ity of  the  Lackawanna,  whereby  the  capacity  of  the 
road  will  be  increased  to  an  extent  sufficient  to  sup- 
ply the  quantities  the  company  will  ultimately  re- 
quire to  transport  to  market  by  the  two  lines  of  trans- 
portation. The  construction  of  this  branch  will  be 
commenced  as  soon  as  rates  of  labor  and  cost  of  ma- 
terials will  warrant  the  undertaking. 

The  quantity  of  coal  brought  to  market  thus  far,  the 
present  year,  exceeds  that  of  last  year  about  110,000 
tons;  of  which  71,000  were  transported  over  the  Erie 
Railway  prior  to  the  opening  of  the  canal.  It  is  not, 
however,  anticipated  that  there  will  be  much  augmen- 
tation of  such  increase  during  the  remainder  of  the 
season. 

Statement  of  the  extreme  prices,  monthly  and 
yearly,  for  the  six  years  ending  March  31,  1863: 


Jan.  . 

Feb.. 

March 

April 

May.. 

June 

July. 

Aug.. 

Sept. . 

Oct.  . 

Nov.. 

Dec.. 

Year 


178*190 


7S*  112*  @,  119    156 
79*®  119  ilio 


78:\  &  H7  ',72 


MISCELLANEOUS   STOCKS.  337 

Directors — John  Ewen,  Isaac  L.  Platt,  John  Q. 
Jones,  Charles  Morgan,  William  F.  Havemeyer,  Wil- 
liam R.  Griffith,  Jonathan  Thome,  Thomas  W.  Pearsall, 
George  L.  Brown. 

President — John  Ewen. 

Treasurer — George  A.  Hoyt. 

Secretary — Edwin  M.  Mead. 

Transfer  office  in  New  York,  111  Broadway. 


15 


CHAPTEE    VII. 

MINING  STOCKS. 

WE  clip  from  an  interesting  monthly  gazette,  The 
Petroleum  "Chronicle,  the  folio  wing  reflections  about  the 
mineral  wealth  of  the  United  States : 

"  Within  the  limits  of  the  United  States  are  found 
nearly  all  the  metals  which  are  made  the  objects  of  min- 
ing enterprise.  Gold,  silver,  copper,  lead,  zinc,  mer- 
cury, iron,  and  nickel  form  the  most  important  of  these 
metals,  and  they  all  exist  in  sufficient  quantity,  and  offer 
inducements  strong  enough  to  absorb  a  large  amount 
of  capital. 

"  From  the  earliest  mining  records,  it  appears  that 
copper  was  the  first  metal  which  was  mined  by  a  regu- 
lar chartered  company.  This  was  at  Simsbury,  Connec- 
ticut, where  the  work  was  first  commenced  in  1709. 
We  have  no  authentic  details  of  the  results  of  the  en- 
terprise, although  it  is  hardly  probably  that  success 
crowned  the  efforts  of  this  pioneer  company.  The 
Schuyler  mine  in  New  Jersey  was  opened  ten  years 
later,  and  work  of  some  magnitude  was  commenced, 
and  a  large  quantity  of  ore  shipped  to  England. 

"  Very  soon  after  the  opening  of  the  Schuyler  mine, 
the  Mississippi  Valley  became  the  scene  of  excitement, 


MINING   STOCKS.  339 

and  an  expedition  of  French  miners  and  geologists 
turned  their  attention  in  that  direction.  By  this  means 
the  lead  ores  of  Missouri  were  discovered,  and  reports 
of  enormous  wealth  being  sent  to  France  by  the  lead- 
ing spirits  of  the  enterprise,  a  series  of  gigantic  specu- 
lations ensued.  The  mines  were  worked  spasmodically, 
and  with  no  scientific  skill ;  and  owing  to  the  then  un- 
settled state  of  the  country,  the  hostility  of  the  Indians, 
and  the  utter  recklessness  of  management,  they  were 
soon  abandoned.  About  half  a  century  later,  the  lead 
deposits  of  the  Upper  Mississippi  Valley — including 
those  of  the  present  States  of  Wisconsin,  Iowa,  and 
Illinois — were  discovered  by  Dubuque,  who  steadily 
worked  some  of  these  mines  until  his  death,  which  hap- 
pened in  1809. 

"The  copper  region  of  Lake  Superior  was  known  to 
the  Jesuits  as  early  as  1659,  but  it  was  not  until  1844 
that  the  serious  attention  of  Eastern  capitalists  was  at- 
tracted in  that  direction.  In  the  summer  of  the  fol- 
lowing year,  when  the  fact  of  the  discovery  of  numer- 
ous large  masses  of  copper  had  been  circulated,  great 
numbers  of  adventurers  were  attracted  to  Keweenaw 
Point  in  quest  of  mining  titles  or  permits.  The  excite- 
ment increased  apace,  but  reached  its  climax  in  the  fol- 
lowing year.  Companies  without  number  were  organ- 
ized, and  impositions  of  the  most  unscrupulous  kind 
were  practised  upon  capitalists,  until  in  1847  a  collapse 
ensued,  and  speculation  gave  way  to  legitimate  mining, 
which,  with  a  few  exceptions,  has  characterized  opera- 
tions on  Lake  Superior  during  the  intervening  period. 
At  present  the  high  prices  of  labor  and  provisions  is 
operating  disastrously  against  the  new  mines  on  the 
Lake,  but  those  which  have  been  firmly  established, 


340  STOCK   EXCHANGE   MA>»{JAL. 

and  in  which  productive  work  is  largely  done,  are  meet- 
ing with  deserved  success. 

"  Copper  ores  are  found  in  abundance  in  almost 
every  State  in  the  Union.  The  yellow  surphuret  of 
copper,  or,  as  it  is  more  commonly  called  copper  py- 
rites, is  the  most  common  ore  of  the  metal.  It  is  found 
extensively  in  all  or  nearly  all  the  Atlantic  States ;  also 
in  Wisconsin  and  Missouri,  and  very  largely  in  the 
States  and  Territories  west  of  the  Rocky  Mountains.  A 
large  quantity  of  this  mineral  is  likewise  found  in  Ten- 
nessee. Another  important  ore  of  copper  is  that  known 
as  the  gray  sulphuret,  which  is  also  extensively  mined, 
although  it  does  not  generally  occur  in  as  well-defined 
veins  as  those  in  which  pyritic  copper  is  found.  In 
California,  Arizona,  and  Nevada,  especial  mention  is 
made  of  veins  of  copper  which  are  said  to  occur  of 
immense  size,  and  which  yield  ores  of  great  richness. 
A  large  amount  of  English  capital  has  been  attracted 
to  these  places,  and  ores  are  now  being  shipped  around 
Cape  Horn  to  Swansea,  Wales,  where  they  are  smelted 
in  the  well-known  metallurgical  establishments  at  that 
place.  The  importance  of  the  copper  ores  of  the  Pacific 
States  has  been,  in  a  measure,  overshadowed  by  the 
seemingly  more  valuable  mines  of  gold  and  silver.  But 
it  will  not  do  to  lose  sight  of  the  former,  even  in  view 
of  the  greater  intrinsic  value  of  the  latter.  Each  metal 
is  important  in  its  place,  and  so  far  as  profit  in  mining 
is  concerned,  there  are  copper  mines  in  those  distant 
Territories  which  will  compare  favorably  with  the  most 
celebrated  mines  of  the  precious  metals  in  the  world. 

"  The  discovery  of  gold  in  the  United  States  is  fresh 
within  the  memory  of  many  of  our  readers.  In  the 
early  part  of  the  present  century,  gold  began  to  be 


MINING   STOCKS.  341 

found  in  small  quantities  in  Virginia,  North  and  South 
Carolina,  and  Georgia.  In  1799,  a  small  lump  of  gold 
was  found  in  North  Carolina.  These  discoveries  en- 
grossed considerable  attention,  and  for  a  number  of 
years  attracted  the  notice  of  capitalists,  although  the 
operation  of  winning  the  gold  from  its  ores  has,  in  that 
section  of  country,  proved  remunerative  in  but  few  in- 
stances. This  result  has  been  owing  rather  to  the  im- 
perfect and  rude  processes  employed  in  the  metallurgi- 
cal treatment  of  the  ores,  than  to  their  poverty  in  gold ; 
for  now,  since  improved  methods  of  treatment  have 
been  adopted,  ores  of  gold  much  poorer  than  those 
of  the  above-mentioned  States  are  being  successfully 
worked,  and  nearly  all  their  content  of  precious  metal 
obtained.  We  shall  have  more  to  say  upon  this  im- 
portant subject  at  a  future  time.  Had  it  not  been  for 
the  later  discoveries  of  gold  in  California,  the  import- 
ance of  the  gold  region  of  our  Southern  States  would 
have  been  more  fully  recognized.  At  present  they  are 
shut  out  from  the  civilized  world  by  the  rebellion ;  but 
when  the  war  shall  have  ended,  we  predict  that  a  new 
excitement  will  spring  up,  and  that  fortunes  will  be  real- 
ized by  simply  working  the  tailings  which  were  rejected 
in  the  former  operations  at  the  mines,  but  which,  since 
the  introduction  of  improved  processes,  may  be  made 
to  yield  almost  their  entire  content  of  gold.  Tennessee 
and  Alabama  have  likewise  produced  this  metal  in 
small  quantities. 

"  The  gold  of  California  was  discovered  by  James  W. 
Marshall,  a  native  of  New  Jersey,  January  19,  1848. 
Gold  had  been  previously  found  in  different  parts  of 
California ;  but  the  real  merit  of  being  the  discoverer 
is  due  to  Marshall,  who,  being  a  stirring,  energetic 


342  STOCK   EXCHANGE  MANUAL. 

man,  immediately  set  about  to  avail  himself  of  his  dis- 
covery by  proclaiming  the  fact  and  commencing  mining. 
The  excitement  which  ensued,  the  tide  of  emigration 
which  speedily  set  in  toward  California,  and  the  de- 
velopments which  have  followed  are  too  fresh  in  the 
memory  of  our  readers  to  need  recapitulation  here.  The 
strongest  argument  in  favor  of  the  immense  importance 
of  the  discovery  of  Mr.  Marshall  is  in  the  fact  that  from 
the  year  1848  to  1860,  inclusive,  California  produced  no 
less  than  six  hundred  and  fifty  million  dollars  in  gold. 
The  largest  production  was  in  1853,  when  it  reached 
the  sum  of  sixty-five  million  dollars.  In  I860,  it  had 
declined  to  forty-five  million  dollars.  Hittell,  who  gives 
these  figures,  says :  '  In  regard  to  the  future  gold  yield 
of  the  State  we  can  only  guess.  I  expect  that  it  will 
decrease  gradually  and  slowly  to  about  thirty  million 
dollars,  at  which  figure  it  will  stand  for  many  years ; 
and  the  silver  lodes  of  the  coast  will  gradually  in- 
crease.' 

"  By  far  the  most  important  and  valuable  gold  region 
of  the  United  States  is  embraced  within  the  Territory 
of  Colorado.  The  discovery  of  gold  in  this  part  of  the 
country  is  even  more  recent  than  that  in  California. 
The  gold,  too,  is  found  to  occur  in  very  different  con- 
ditions from  that  in  the  former  State,  being  generally 
contained  in  veins  of  iron  pyrites,  while  in  California, 
the  principal  part  of  the  gold  has  been  obtained  by 
'  placer  mining'  in  river  bottoms  and  alluvial  soil,  al- 
though a  considerable  quantity  has  been  found  in  quartz 
and  pyritic  veins.  Hence  we  can  but  regard  the  Colo- 
rado mines  as  not  only  more  promising  as  far  as  per- 
manence and  yield  is  concerned,  but  also  for  the 
reason  that  the  veins  require  to  be  opened  in  a  more 


MINING   STOCKS.  343 

systematic  and  skilful  manner,  and  necessitate  the  em- 
ployment of  large  capital  and  a  greater  degree  of 
scientific  knowledge,  both  in  mining  and  the  subsequent 
metallurgical  treatment  of  the  ore.  These  points  can- 
not be  dwelt  upon  in  this  cursory  sketch,  but  will  claim 
our  attention  hereafter.  Gold  likewise  exists  in  large 
quantities  in  the  States  of  Oregon  and  Nevada,  and  in 
the  Territories  of  Washington,  Idaho,  Montana,  Utah, 
Arizona,  and  New  Mexico.  In  Maine  and  Vermont 
gold  has  been  found  in  small  quantities,  and  in  the  latter 
State  it  is  now  being  mined  near  the  town  of  Bridge- 
water. 

"  Until  within  the  past  few  years  the  United  States 
could  not  strictly  be  called  a  silver-producing  country, 
although  small  quantities  of  that  metal  were  annually 
extracted  from  argentiferous  galena,  and  other  ores  of 
lead.  Among  ores  of  this  class  which  were  formerly 
worked  for  silver  as  well  as  lead,  may  be  mentioned 
those  raised  from  the  Middletown  silver  lead  mine 
in  Connecticut,  and  the  Washington  mine,  Davidson 
county,  North  Carolina,  neither  of  which  are  now 
worked.  The  native  gold  of  California  furnished  a 
large  proportion  of  the  silver  credited  to  this  country, 
which  in  1853  amounted  altogether  to  but  little  more 
than  seventeen  thousand  pounds.  Within  a  short 
period,  however,  the  immense  discoveries  of  silver  ores 
in  the  States  of  California  and  Nevada,  and  the  Terri- 
tories of  Arizona,  New  Mexico,  Utah,  Montana,  and  in- 
deed nearly  all  the  region  lying  westward  of  the  Rocky 
Mountains,  have  demonstrated  the  fact  that  a  new 
source  of  wealth  has  been  revealed,  which  from  its 
abundance  promises  to  be  of  more  consequence  to  the 
country  than  nearly  all  its  other  raining  interests  con> 


344  STOCK   EXCHANGE   MANUAL. 

bined.  Already  one  new  State  has  been  added  to  the 
Union  as  a  result  of  the  magnificent  developments 
recently  made  within  her  domains,  and  from  the  steady 
stream  of  bullion  which  has  been  flowing  from  this  new 
State — Nevada — when  as  yet  her  mines  have  not  more 
than  begun  to  be  developed,  we  may  safely  predict  that 
a  few  years  will  witness  this  wealth  increased  a  hundred- 
fold. California,  likewise,  is  immensely  rich  in  silver, 
and  bids  fair  to  rival  Nevada  in  her  production  of  this 
metal.  Arizona  also  contains  inexhaustible  mines  of 
silver,  while  all  the  Territories  above  named  yield  the 
metal  in  such  quantities  as  to  revive  the  early  Spanish 
reports  of  the  unbounded  riches  of  the  New  World. 
When  the  hostile  Indians  shall  have  been  driven  from 
their  haunts  in  these  remote  regions,  and  the  tide  of 
emigration  be  turned  thither,  we  shall  witness  a  stream 
of  wealth  flowing  to  our  business  centres,  such  as  the 
world  has  seldom  seen. 

"  Another  metal,  for  which  we  were  until  recently 
dependent  upon  the  mines  of  the  Old  World — a  metal 
which,  considered  in  its  relations  to  the  treatment  of 
gold  and  silver  ores,  is  of  the  utmost  importance,  is  now 
mined  within  our  own  borders  in  large  quantities.  We 
allude  to  mercury,  or  quicksilver,  without  which  we 
would  be  deprived  of  more  than  half  the  advantages 
conferred  by  our  mines  of  the  precious  metals. 

"  In  this  hasty  sketch  of  the  mineral  resources  of  the 
United  States,  we  have  not  even  referred  to  iron — a 
metal  more  valuable  even  than  those  denominated 
precious.  Iron  is  so  universally  diffused  throughout  the 
world,  and  its  uses  and  employments  so  patent  to  all, 
that  it  is  scarcely  worth  while  to  discuss  it  now.  Every 
succeeding  year  brings  to  light  new  discoveries  of  iron 


MINING   STOCKS.  345 

mines — many  of  them  of  great  value  ;  and  the  impetus 
given  to  the  manufacture  of  iron  by  the  high  tariff,  and 
other  natural  causes,  has  caused  a  rapid  development 
of  new  mines.  Ores  of  all  grades — magnetic,  specular, 
and  hematites — are  being  raised  from  the  ground  in 
large  quantities,  and  the  total  amount  of  pig  iron  made 
the  present  year  will  be  largely  in  excess  of  the  pro- 
duction of  any  similar  previous  period. 

"  From  the  foregoing  hasty  glance  at  the  principal 
metallic  resources  of  the  United  States,  the  importance  of 
the  subject  must  be  apparent.  And  yet  the  development 
of  this  wealth  may  be  said  to  have  scarcely  commenced. 
Even  excluding  the  newer  States  and  Territories,  those 
in  which  the  greatest  discoveries  of  precious  metals 
have  been  made,  there  are  mining  localities  in  the  older 
and  more  thickly  settled  States,  which  afford  a  field  for 
the  profitable  investment  of  capital.  In  these  develop- 
ments of  the  mines  of  the  country,  capital  is  not  alone 
required.  Other  qualifications  must  be  obtained.  Science 
and  practical  skill  are  quite  as  necessary,  and  these  ne- 
cessities should  always  be  joined  with  capital  in  mining 
enterprises.  A  change  is  needed,  too,  in  the  financial 
management  of  companies.  There  must  be  more  legiti- 
mate mining,  and  less  speculation.  A  sufficient  amount 
of  working  capital  must  be  provided  at  the  start,  and 
some  degree  of  patience  be  observed.  In  too  many  in- 
stances have  these  points  been  neglected.  Companies 
have  been  formed  with  large  capitals,  mines  have  been 
opened,  and  everything  appeared  well.  But  that  exhi- 
bition of  impatience,  which  has  too  often  proved  char- 
acteristic of  American  mining  enterprises,  has  time  and 
again  caused  the  most  promising  mines  to  be  ruined, 
and  their  prospects  to  be  entirely  blighted.  When 
15* 


346  STOCK    EXCHANGE   MANUAL. 

raining  is  properly  carried  on,  in  a  purely  legitimate  and 
economical  manner,  there  is  no  business  which  proves 
more  satisfactory.  But  when  it  degenerates  into  mere 
speculation,  where  stockholders  purchase  their  shares 
something  after  the  manner  of  lottery  tickets,  and  the 
value  of  the  property  is  regarded  as  a  secondary  ques- 
tion, the  whole  profession  is  undeservedly  brought  into 
reproach,  and  held  up  to  public  odium." 

No  class  of  securities  has  suffered,  perhaps,  so 
much  from  the  monetary  fluctuations  of  the  past  year  as 
raining  stock.  The  expansion  of  mining  operations 
during  1864  had  been  immense  and  beyond  all  pre- 
cedent. The  flooding  of  the  market  with  such  an  im- 
mense creation  of  that  class  of  stock  would,  under  the 
most  favorable  circumstances,  have  naturally  tended  to 
depreciate  the  price  of  mining  shares  generally ;  but 
under  the  extraordinary  financial  condition  of  the  coun- 
try, the  depreciation  has  been  peculiarly  accelerated. 
The  Government  has  been  issuing  securities  at  the  rate 
of  about  $600,000,000  per  annum,  the  larger  portion  of 
which  was  yielding  interest  equal  in  currency  to  10  and 
13  per  cent,  per  annum.  No  ordinary  stocks  could  re- 
tain their  former  price  against  such  competition.  Many 
holders  of  stocks  have  sold  out  to  invest  in  Government 
bonds,  and  thus  the  price  has  been  rapidly  depreciating. 
The  best  dividend-paying  stocks  have  experienced  this 
depreciation,  and  are  still  steadily  declining  in  value ; 
and  it  is,  therefore,  to  be  expected  that  the  stocks  of 
comparatively  new  companies,  the  dividends  of  which 
are  in  most  cases  prospective,  should  especially  suffer 
from  this  Government  competition.  A  glance  at  the 
stock  list  would  show  an  alarming  decline  in  the  value 
of  mining  stocks ;  and  not  merely  of  those  of  companies 


MINING   STOCKS.  347 

recently  organized,  but  of  those  of  established  reputa- 
tion and  proved  value.  A  large  number  of  stocks  have 
disappeared  from  the  market,  the  price  being  so  low 
that  holders  prefer  keeping  them  to  making  the  heavy 
sacrifice  that  would  be  involved  in  selling  them. 

It  would,  however,  be  an  error  to  suppose,  be- 
cause the  market  value  of  mining  stocks  has  so  largely 
deteriorated,  that  therefore  the  stocks  are  comparatively 
worthless.  The  decline  is  the  result  of  the  false  system 
upon  which  the  nation's  finances  have  been  conducted. 
The  stocks  are  really  worth  as  much  as  they  ever  were, 
inasmuch  as  the  property  they  represent  still  exists,  and 
in  most  cases  is  being  vigorously  developed.  Those 
who  have  bought  mining  stocks  as  a  speculation  must  in 
the  majority  of  cases  lose  ;  those  who  have  bought  them 
as  a  permanent  investment  have  the  same  prospects  of 
remuneration  that  they  ever  had.  Whether  that  re- 
muneration will  prove  equal  to  what  may  be  obtained 
from  Government  bonds  is  another  question,  upon 
which  our  readers  must  judge  for  themselves. 

COPPER   STOCKS.* 

ACTON,  in  Canada,  200,000  shares ;  par  value  $5,  price  70 
cents. 

ACTON  VALE,  in  Canada,  50,000  shares;  par  value  $5, 
price  5  cents. 

ADVENTURE,  Lake  Superior,  20,000  shares. 

ALBANY  AND  BOSTON,  Lake  Superior,  20,000  shares ;  par 
value,  $20;  price  19£. 

ALGOMAH,  Lake  Superior,  20,000  shares;  par  value  $2; 
price  $2£. 

ALLIANCE,  Canada,  200,000  shares ;  par  value  $2|. 


*  We  give  the  market  price  of  April  15,  1835. 


348  STOCK    EXCHANGE   MANUAL. 

ALLOUEZ,  Lake  Superior,  20,000  shares ;  paid  in  $1 ;  price 
$3^. 

AMERICAN,  Canada,  200,000  shares ;  par  value  $2|. 

AMYGDALOID,  Lake  Superior,  20,000  shares ;  price  $25. 

ANNAPOLIS,  Maryland,  50,000  shares;  par  value  $10. 

ARIZONA,  Arizona  Territory,  10,000  shares ;  par  value  $100. 

ASCOT,  Canada,  20,000  shares ;  par  value  $20. 

ASTOK,  Lake  Superior,  20,000  shares ;  par  value  $1 ;  price 
61. 

ATLAS,  Lake  Superior,  20,000  shares ;  par  value  $1 ;  price 

*& 

AZTEC,  Lake  Superior,  20,000  shares ;  par  value  $1 ;  price  4. 

BALTIMOEE  AND  NORTH  CAEOLINA,  20,000  shares;  par 
value  $5 ;  price  20  cents. 

BARE  HILL,  North  Carolina,  20,000  shares;  price  $2|. 

BAY  STATE,  Lake  Superior,  20,000  shares ;  par  $3J ;  price  16. 

BEAVER,  Lake  Superior,  20,000  shares ;  paid  in  $1. 

BEDFORD,  Canada,  125,000  shares;  par $5;  price  60  cents. 

BLAKE  RIVER,  Canada,  200,000  shares;  par  $2£  ;  price  10 
cents. 

BOHEMIAN,  Lake  Superior,  20,000  shares ;  par  7^ ;  price  10]. 

BOLTON,  Canada,  200,000  shares  ;  par  $5  ;  price  1£. 

BOSTON,  Lake  Superior,  20,000  shares ;  par  $5  ;  price  If. 

BOSTON  AND  CORINTH,  Vermont,  20,000  shares  ;  par  $10. 

BROOKLYN,  Lake  Superior,  20,000  shares;  par  $10;  paid 
in  2. 

BROME,  Canada,  100,000  shares ;  par  $5 ;  price  2. 

CABOT,  Lake  Superior,  20,000  shares ;  paid  in  50  cents. 

CALEDONIA,  Lake  Superior,  20,000  shares;  price  $6 — in 
January,  1864,  T.50. 

CANADA,  Vermont,  100,000  shares ;  par  $1 ;  price  60  cents ; 
this  stock  was  sold  last  year  as  high  as  $12 ;  in  January, 
1864,  2.50. 

CARP  LAKE,  Lake  Superior,  20,000  shares ;  price  $1^. 

CASCADE,  Lake  Superior,  20,000  shares. 

CENTRAL,  Lake  Superior,  20,003  shares;  price  $45— in 
January,  1804,  59. 


MINING   STOCKS.  349 

CHAMPLAIN,  Canada,  200,000  shares;  par  $H;  price  15 
cents. 

CHATHAM,  Canada,  200,000  shares ;  par  $2. 

CHAUDIEKE,  Canada,  100,000  shares ;  par  $1 ;  price  50  cents. 

CHESTEE,  Canada,  200,000  shares;  par  $1 ;  price  12  cents. 

CHETIOAMP,  Canada,  30,000  shares ;  par  $5  ;  price  1£. 

CLEVELAND,  Canada,  100,000  shares ;  par  $5. 

CLIFTON,  Lake  Superior,  20,000  shares;  price  $1. 

COLLIN,  Lake  Superior,  20,000  shares ;  par  50  cents. 

COLUMBIAN,  Lake  Superior,  20,000  shares;  paid  in  $44; 
price  9  ;  in  January,  1864,  8. 

CONSOLIDATED,  Lake  Superior,  20,000  shares ;  par  $5  ;  price 
5  cents. 

COPPEB  FALLS,  Lake  Superior,  20,000  shares;  paid  in  $24^; 
price  22J. 

COPPER  HAEBOE,  Lake  Superior,  20,000  shares ;  paid  in  $1. 

COPPEE  HILL,  Lake  Superior,  200,000  shares ;  par  $1. 

COPPEEAS  HILL,  Lake  Superior,  50,000  shares;  par  $10. 

COBNWALL,  Vermont,  100,000  shares ;  par  $2  ;  price  25  cts. 

DACOTAH,  Lake  Superior,  20,000  shares ;  price  $5. 

DANA,  Lake  Superior,  20,000  shares;  paid  in  $3|;  price 
25  cents. 

DEEP  RIVER,  North  Carolina,  20,000  shares;  par  $5  ;  price 
20  cents. 

DELAWARE,  Lake  Superior,  20,000  shares ;  price  15  cents. 

DERBY,  Lake  Superior,  20,000  shares;  price  $1J. 

DEVON,  Lake  Superior,  20,000  shares ;  paid  in  $1 ;  price 

<* 

DORCHESTEE,  Lake  Superior,  20,000  shares ;  paid  in  $6 ; 

price  7. 

DOVEE,  Canada,  200,000  shares ;  paid  in  $1 ;  price  2f . 

DUDLEY,  Lake  Superior,  20,000  shares;  paid  in  50  cents; 
price  3. 

DUNHAM,  Canada,  200,000  shares ;  par  $2 ;  price  25  cents. 

DURHAM,  Canada,  200,000  shares ;  par  $5 ;  price  25  cents. 

EAGLE  RIVER,  Lake  Superior,  20,000  shares ;  paid  in  $3| ; 
price  8. 


350  STOCK    EXCHANGE   MANUAL. 

ELY,  Canada  East,  100,000  shares;  par  $5. 

Escox,  Canada,  25,000  shares ;  par  $20 ;  price  4. 

ESSEX,  Canada,  200,000  shares ;  price  20  cents. 

ETNA,  Lake  Superior,  20,000  shares ;  price  12|. 

EVERETT,  Lake  Superior,  20,000  shares ;  paid  in  $5. 

EVERGREEN  BLUFF,  Lake  Superior,  20,000  shares;  price 
$12  ;  in  January,  1864,  9.25. 

FLINT  STEEL  RIVER,  Lake  Superior,  20,000  shares ;  price 
$13 ;  in  January,  1864,  10. 

FOREST  CITY,  Lake  Superior,  20,000  shares ;  paid  in  $3 ; 
price  1. 

FOREST  SHEPHERD,  Lake  Superior,  20,000  shares ;  paid  in 
$6. 

FRANKLIN,  Lake  Superior,  20,000  shares;  paid  in  $6£; 
price  $35  ;  in  January,  1864,  48. 

FEENOH  CREEK,  Pennsylvania,  100,000  shares;  par  $5; 
price  75  cents;  in  January,  1864,  $1.12. 

GARDNER  HILL,  Lake  Superior,  20,000  shares ;  paid  in  $5 ; 
price  87|  cents. 

GIRARD,  Lake  Superior,  20,000  shares ;  price  $6. 

GLADE,  Lake  Superior,  20,000  shares  ;  paid  in  $1. 

GLENCOE,  Canada,  200,000  shares;  par  $1 ;  price  10  cents. 

GLOBE,  Lake  Superior,  20,000  shares ;  paid  in  $1. 

GRAND  PORTAGE,  Lake  Superior,  20,000  shares;  paid  in 
$1 ;  price  40. 

GRAND  TRUNK,  Canada,  100,000  shares  ;  par  $5  ;  price  69 
cents. 

GREAT  WESTERN,  Lake  Superior,  20,000  shares ;  paid  in 
$2 ;  price  1. 

GREEN  MOUNTAIN,  Vermont,  20,000  shares ;  par  $10 ;  price 
41. 

GUILFORD,  Lake  Superior,  20,000  shares;  paid  in  $5;  price 
28  cents. 

HAMILTON,  Lake  Superior,  20,000  shares ;  price  $1 ;  in 
January,  1864,  2.50. 

HANCOCK,  Lake  Superior,  20,000  shares ;  paid  in  $6^ ; 
price  8£ ;  in  January,  1894,  13.50. 


MINING    STOCKS.  351 

* 

HANOVER,  Lake  Superior,  20,000  shares ;  paid  in  50  cents ; 
price  45  cents. 

HAETFOED,  Lake  Superior,  20,000  shares  ;  par  $25 ;  paid  in 
122l. 

HAZZAED,  Lake  Superior,  20,000  shares. 

KENWOOD,  Michigan,  20,000  shares. 

HIGHLAND,  Lake  Superior,  20,000  shares;  paid  in  $7; 
price  5. 

HILTON,  Lake  Superior,  20,000  shares;  price  $1|;  in 
January.  1864,  5. 

HOPE,  Lake  Superior,  20,000  shares;  paid  in  £;  price  If. 

HUDSON,  Lake  Superior,  20,000  shares ;  price  $2. 

HULBEET,  Lake  Superior,  20,000  shares;  price  $7. 

HUMBOLDT,  Lake  Superior,  20,000  shares ;  paid  in  $2 ;  price  5. 

HUNGAEIAN,  Lake  Superior,  20,000  shares ;  paid  in  $1 ; 
price  If. 

HUEON,  Lake  Superior,  20,000  shares ;  paid  in  $16 ;  price 
88 ;  in  January,  1864,  33.50. 

INDIANA,  Lake  Superior,  20,000  shares ;  price  $6 ;  in  January, 
1864,  8. 

INVEENESS,  Lake  Superior,  200,000  shares ;  par  $2£. 

ISLE  ROYALK,  Lake  Superior,  20,000  shares  ;  par  $5 ;  price 
10}  ;  in  January,  1864,  26. 

KICKAPOO,  Lake  Superior,  20,000  shares  ;  paid  in  $1. 

KING  PHILIP,  Lake  Superior,  20,000  shares ;  paid  in  $2. 

KNOWLTON,  Lake  Superior,  20,000  shares;  paid  in  $1 ; 
price  6 ;  in  January,  1864,  9. 

LAFAYETTE,  Canada,  200,000  shares ;  par  $1 ;  price  1£. 

LAKE,  Canada,  200,000  shares ;  par  $1 ;  price  14  cents. 

LENNOXVILLE,  Canada,  100,000  shares;  par  $5;  price  50 
cents. 

LOGAN,  Canada,  100,000  shares ;  par  $3 ;  price  2. 

LYSTEE,  Canada,  200,000  shares ;  par  $2. 

MADISON,  Lake  Superior,  20,000  shares ;  paid  in  $1 ;  price  2. 

MALDEN,  Lake  Superior,  20,000  shares;  paid  in  $1. 

MANDAU,  Lak©  Superior,  20,000  shares;  paid  in  $2£;  price 
SOcenta. 


352  STOCK   EXCHANGE   MANUAL. 

MANHATTAN,  Lake  Superior,  20,000  shares;  paid  in  $2£ ; 
price  3^;  in  January,  1864,  5. 

MARQUETTE,  Lake  Superior,  20,000  shares  ;  price  $3  j. 

MARYLAND,  Maryland,  par  $5  ;  price  50  cents. 

MENDOTA,  Lake  Superior,  100,000  shares ;  par  $5  ;  price  5. 

MERRIMAC,  Lake  Superior,  20,000  shares ;  price  $3£. 

MBSXAED,  Lake  Superior,  20,000  shares  ;  paid  in  $5£ ;  price 
8*. 

MINERAL  HILL,  Lake  Superior,  price  $lf. 

MINNESOTA,  Lake  Superior,  capital  stock  $40,000,  incor- 
porated by  an  act  of  the  Legislature  of  Minnesota,  February 
20,  1856  ;  this  stock  was  quoted  at  the  beginning  of  1863  at 
120 ;  in  September  following  91 ;  it  is  now  at  7£. 

MISSISQUOY,  Canada,  150,000  shares ;  par  $2 ;  price  1 J. 

MONTEZUMA,  New  Mexico,  300,000  shares ;  par  $5. 

NATIONAL,  Lake  Superior,  20,000  shares  ;  paid  in  $5£ ;  price 
24;  in  January,  1864,  32. 

NATIVE,  Lake  Superior,  20,000  shares ;  paid  in  $3  ;  price 
62£  cents. 

NAUMKEAG,  Lake  Superior,  20,000  shares;  paid  in   $1 
price  3. 

NELSON,  Canada,  200,000  shares ;  par  $1  ;  price  10  cents. 

NEQUAKET,  Lake  Superior,  20,000  shares;  paid  in  $1; 
price  2. 

NEW  ENGLAND,  Lake  Superior,  20,000  shares ;  paid  in  $2  ; 
price  75  cents. 

NEWTON,  Canada,  200,000  shares ;  par  $1 ;  price  8  cents. 

NEW  YORK,  Lake  Superior,  20,000  shares ;  price  f . 

NEW  YORK  AND  PASSAIC,  New  Jersey,  100,000  shares;  par 
$5. 

NORTH  CLIFF,  Lake  Superior,  20,000  shares  ;  paid  in  $4 ; 
price  5. 

NORTH  SILVER  LAKE,  Lake  Superior,  20,000  shares. 

NORTH  STATE,  Lake  Superior,  20,000  shares ;  paid  in  $3  ; 
price  15  cents. 

NOETH  SUTTON,  Canada,  100,000  shares ;    par  $5;   price 

u. 


MINING    STOCKS.  355 

NORTHWESTERN,  Lake  Superior,  20,000  shares;  paid  in 
$7£ ;  price  5. 

NOEDWICH,  Lake  Superior,  20,000  shares;  price  $4;  in 
January,  1864,  6. 

OGIMA,  Lake  Superior,  20,000  shares ;  price  $5£ ;  in  January, 
1864,  5.87. 

ONTONAGON,  Lake  Superior,  20,000  shares ;  price  $2 ;  in 
January,  1864,  3. 

OTTAWA,  Canada,  200,000  shares;  par  $1 ;  price  23  cents. 

PENNSYLVANIA,  Lake  Superior,  20,000 shares;  par $25;  paid 
in  2i ;  price  10. 

PETHEEICK,  Lake  Superior,  20,000  shares ;  paid  in  $2| ; 
price  5. 

PEWABIE,  Lake  Superior,  20,000  shares;  paid  in  $3£ ;  price 
38. 

PHILADELPHIA  AND  BOSTON,  Lake  Superior,  20,000  shares ; 
paid  in  $15  ;  price  2. 

PHCENIX,  Lake  Superior,  20,000  shares ;  price  $16. 

PITTSBUBG  AND  BOSTON,  Lake  Superior,  20,000  shares ;  paid 
in  $5£  ;  price  44. 

PONTIAC,  Lake  Superior,  20,000  shares ;  paid  in  $3£ ;  price  2. 

PROVIDENCE,  Lake  Superior,  20,000  shares;  price  50  cents. 

QUINOT,  incorporated  by  special  charter  of  the  State  of 
Michigan,  with  a  capital  stock  of  $200,000  in  20,000  shares  of 
$10  each. 

The  net  profits  for  1864  have  been  $379,650  75;  from 
these  results  two  dividends  of  eight  dollars  each  per  share,  or 
$320,000,  have  been  paid  to  the  stockholders. 

The  mine  with  all  its  appointments  is  in  excellent  condi- 
tion, and  gives  abundant  promise  of  a  large  and  continued 
production  of  copper. 

Besides  the  Pewabie  vein,  on  which  the  mine  is  opened, 
many  other  veins  are  known  to  exist  upon  the  company's 
property.  A  system  of  exploration  was  organized  early  in 
the  summer,  and  after  a  number  of  surface  openings,  it  was 
decided  to  drive  an  adit  across  the  formation,  which  would 
out  and  thoroughly  prove  all  the  lodes,  and  be  available  to 


354  STOCK   EXCHANGE   MANUAL. 

work  economically  any  that  should  prove  to  be  productive. 
This  adit  is  now  iii  progress,  and  promises  the  most  satisfactory 
results. 

Market  price,  76. 

REID  HILL,  Canada,  200,000  shares;  par  $1. 

RELIANCE,  Lake  Superior,  20,000  shares;  price  $7f. 

RICHFOED,  Lake  Superior,  60,000  shares ;  price  $5. 

ROCHESTER,  Lake  Superior,  200,000  shares ;  par  $2.50. 

ROCKLAND,  Lake  Superior,  20,000  shares ;  paid  in  $5  ;  price. 
11  ;  in  January,  1864,  16. 

ROSCOE,  Canada,  200,000  shares;  par  $1. 

ST.  CLAIB,  Lake  Superior,  20,000  shares ;  paid  in  $3 ;  price  2 £ 

ST.  FLAVIEN,  Canada,  100,000  shares  ;  par  $5. 

ST.  FBANCIS,  Canada,  100,000  shares;  par  $5. 

ST.  MABY'S  (L.  and  M.),  Lake  Superior,  20,000  shares ; 
paid  in  $8£ ;  price  3. 

SALEM,  Lake  Superior,  20,000  shares ;  paid  in  $1. 

SHABON,  Consol.,  Lake  Superior,  20,000  shares ;  price  $3. 

SHELDON,  Lake  Superior,  20,000  shares;  price  $16. 

SILVER  CREEK,  Lake  Superior,  20,000  shares;  paid  in  $1. 

SILVER  HILL,  Lake  Superior,  20,000  shares;  price  30 
cents. 

SILVER  VALLEY,  Lake  Superior,  20,000  ;  price  20  cents. 

SOUTHAMPTON,  Canada,  100,000  shares ;  par  $5. 

SOUTH  BEDFORD,  Canada,  200,000  shares ;  par  $2 ;  price 
20  cents. 

SOUTH  SIDE,  Lake  Superior,  20,000  shares ;  paid  in  $c  ; 
price  2. 

SPRINGFIELD,  Maryland,  par  $5 ;  price  50  cents. 

STADECONA,  Canada,  100,000  shares;  par  $5. 

STAR,  Lake  Superior,  20,000  shares ;  paid  in  $7}  ;  price  2^. 

STARK,  Vermont,  100,000  shares  ;  par  $2. 

ST.  MARGARET,  Canada  East,  200,000  shares ;  par  $5. 

STRAFFORD,  Vermont,  30,000  shares;  par  $10;  price  50 
cents. 

SUPERIOR,  Lake  Superior,  20,000  shares;  paid  in  $4;  price 
6 ;  in  January,  1864,  9. 


MINING   STOCKS.  355 

SUTTON,  Canada,  100,000  shares ;  par  $5 ;  price  85  cents. 

TOLTEC,    Lake    Superior,    20,000    shares ;    paid  in  $20 ; 
price  H. 

VERMONT,  Lake  Superior,  20,000    shares;    paid  in   $5; 
price  3. 

VERNON,  Lake  Superior,  25,000  shares;  par  $10. 
-  VICTORIA,  Lake  Superior,  20,000  shares;  paid  in  $1|. 

WATERLOO,  Canada,  100,000  shares ;   par  $3  ;  paid  in  4 ; 
price  15  cents. 

WEST,  Minnesota,  Lake  Superior,  20,000  shares;  paid  iu 
$2]  ;  price  2|. 

WICKHAM,  Canada,  200,000  shares  ;  par  $5 ;  price  10  cents. 

WICKOOPEE,  Canada,  100,000  shares ;  par  $5 ;  price  5f . 

WINTHROP,  Lake  Superior,  200,000  shares  ;  paid  in  $3£ ; 
price  1J. 

WYANDOTTE,  Lake  Superior,  20,000  shares. 


IKON    STOCKS. 

COPAKE,  New  York,  50,000  shares ;  par  $50  ;  price  3  ;  this 
stock  was  sold  at  the  Stock  Exchange  at  17  in  January,  1864. 

EAST  RIVER,  6,000  shares ;  par  $50. 

FRENCH  CREEK  ;  price  75  cents  ;  in  1864, 1.12. 

GEORGE'S  CREEK,  C.  and  C.  W.,  10,000  shares;  par  $100; 
price  118. 

HARE  WOOD,  Maryland,  20,000  shares ;  par  $5. 

KAHTADIN,  Maine,  3,000  shares ;  par  $100. 

LAKE  SUPERIOR,  Lake  Superior,  20,000  shares ;  par  $25. 

MASSACHUSETTS,  Lake  Superior,  25,000  shares;  par  $1. 

MOUNT  PLEASANT,  Pennsylvania,  10,000  shares  ;  par  $50. 

TEAL  LAKE,  Lake  Superior,  20,000  shares ;  price  $2 ;  in 
January,  1864,  5. 

TYSON,  Lake  Superior,  20,000  shares ;  par  $10 ;  price  8}. 

LEAD   AND   ZINC   STOCKS. 

AMELIA,  New  York,  100,000  shares ;  par  $5 ;  price  8|. 


356  STOCK   EXCHANGE    MANUAL. 

BUCKS  COUNTY,  Pennsylvania;  price  };  in  January,  1864, 
1.25. 

CANADA,  Canada.  50,000  shares ;  par  $5 ;  price  2}. 

GAY'S  KIVER,  100,000  shares;  par  $2. 

HAMPTON,  Canada,  100,000  shares;  par  $5. 

MACOMB,  New  York,  100,000  shares;  par  $5;  price  75 
cents. 

MINERAL  POINT,  New  York,  100,000  shares;  par  $5; 
price  3. 

MOUNT  HOPE,  New  York,  80,000  shares;  par  $5;  paid 
in  2|. 

NATIONAL,  New  York,  200,000  shares ;  par  $1. 

NEW  JERSEY,  New  Jersey,  12,000  shares;  par  $100;  price 
110. 

NEW  YORK  AND  BOSTON,  100,000  shares ;  par  $5 ;  price  2£. 

OSWEGOTCHIE,  Canada,  100,000  shares ;  par  $5 ;  price  1. 

PLACENTIA  BAY;  price  35  cents;  in  January,  1864,  1.62. 

RAMSAY,  Canada,  20,000  shares ;  par  $25. 

ROSSIE,  Canada,  100,000  shares;  par  $5. 

SHAWANGUNK,  New  York,  100,000  shares ;  par  $5. 

UNION,  New  Jersey,  100,000  shares;  par  $5;  price  57 
cents. 

WALLACE  NICKEL,  Canada  West,  60,000  shares ;  par  $10. 

COAL   AND    ANTHRACITE    STOCKS. 

ASHBURTON.  This  company  is  organized  under  a  general 
law  of  the  State  of  Pennsylvania.  The  shares  amount  to 
60,000  of  the  par  value  of  $50  each.  The  property  consists 
of  5,882  acres  of  land,  with  good  timber,  water,  end  well-de- 
fined veins  of  bright,  clean  anthracite  coal.  It  has  a  front- 
age sufficient  to  employ  five  first-class  collieries,  each  calculated 
to  deliver  100,000  tons  of  coal  per  annum.  As  soon  as  the 
coal  breakers  can  be  completed,  the  company  will  be  enabled 
to  furnish  abundance  of  coal  equal  to  any,  in  the  adjacent 
lands.  Market  price  15. 

BALTIMORE,  Maryland  ;  par  $100  ;  price  86. 


MINING    STOCKS.  357 


BEAR    VALLEY,    Maryland,    40,000     shares;     par 
price  19. 

BEAVER  MEADOW,  Pennsylvania,  100,000  shares  ;  par  $50. 

BELMONT,  Pennsylvania,  100,000  shares ;  par  $50 ;  price  8£. 

BIG  MOUNTAIN,  Pennsylvania,  price  $4'. 

BLACKHALL,  N.  S.,  8,000  shares;  par  $25. 

BOSTON  AND  PICTON,  N".  S.,  100,000  shares ;  par  $5. 

BRIDGEPORT,  Pennsylvania,  30,000  shares ;  par  $10. 

BROAD  MOUNTAIN,  Pennsylvania,  30,000  shares;  par  $10. 

BUTLER,  Pennsylvania ;  price  $10. 

CARBONDALE,  Pennsylvania ;  price  $3. 

COAL  BROOK,  Pennsylvania,  4,000  shares ;  par  $50. 

CONTINENTAL,  Pennsylvania,  10,000  shares ;  par  $50 ;  price 
73?. 

DANIEL  WEBSTEE,  Maryland,  5,000  shares ;  par  $100. 

EVERHART,  Pennsylvania,  20,000  shares ;  par  $25. 

FRANKLIN,  Pennsylvania,  5,000  shares;  par  $100;  price  36. 

FULTON,  Pennsylvania,  60,000 shares;  par  $5  ;  price  4{j. 

GILBERTSON,  Pennsylvania,  5,000  shares;  par  $100;  price 

GEORGE  CREEK,  Pennsylvania,  10,000  shares ;  price  $105. 

GRAND  TUNNEL,  Pennsylvania,  4,000  shares;  par  $100; 
price  50. 

HAZLETON.  This  company  has  been  incorporated  by 
charter  of  the  State  of  Pennsylvania.  The  shares  amount  to 
32,300,  of  the  par  value  of  $50  each.  The  property  consists 
of  2,000  acres  of  land.  The  company  realized  $700,000  net 
profit  in  the  last  year.  Market  price  75. 

HENRY  CLAY,  Pennsylvania,  3,000  shares  ;  par  $100. 

LAWRENCE,  Pennsylvania,  2,000  shares;   par  $100;  price 

LOCUST  MOUNTAIN,  Pennsylvania  ;  price  $48£. 
LORBERRY,  Pennsylvania,  4,000  shares;  par  $100;  prico 

40^. 

"MACAN,  Pennsylvania,  2,000  shares;  par  $100. 
MAHANOY,  Pennsylvania,  1,000  shares;  par  $20. 
METROPOLITAN,  Pennsylvania ;  par  $100. 


358  STOCK    EXCHANGE   MANUAL. 

MILFOKD,  Pennsylvania,  2,500  shares ;  par  $50. 

NARRAGANSET,  Rhode  Island,  8,000  shares;  par  $10. 

PENN,  Pennsylvania,  100,000  shares;  par  $50;  price 
1721. 

PENN  CANNEL,  Pennsylvania,  6,000  shares ;  par  $50. 

PICTON,  Pennsylvania,  4,000  shares ;  par  $100. 

PINE  KNOT,  Pennsylvania,  4,000  shares ;  par  $50. 

POTOMAC,  Maryland,  40,000  shares;  par  $10;  price  8|. 

PRESTON,  Pennsylvania ;  price  $22. 

ST.  CLAEB,  Pennsylvania,  5,000  shares;  par  $100;  prico 
16j. 

SCHUTLKILL  VALLEY,  Pennsylvania,  20,000  shares ;  par  $10 ; 
price  7j. 

SHAWMUT,  Pennsylvania,  6,000  shares ;  par  $50. 

SHORT  MOUNTAIN,  Pennsylvania,  16,000  shares ;  par  $50  ; 
price  35. 

SUFFOLK,  Pennsylvania,  4,000  shares ;  par  $100 ;  price  93. 

SUMMIT,  Pennsylvania,  40,000  shares ;  par  $20. 

VANDEUMARK,  Pennsylvania,  20,000  shares ;  par  $50. 

WYOMING  VALLEY,  Pennsylvania,  22,700  shares ;  par  $50 ; 
price  45. 

GOLD   AND   SILVER   STOCKS. 

^ETXA  (G.),  Colorado,  50,000  shares ;  par  $10. 

AOADIA  (G.),  Nova  Scotia,  100,000  shares;  par  $3. 

ALBION  (G.),  Nova  Scotia,  100,000  shares ;  par  $3 ;  price  f . 

ALPINE  (G.),  Colorado,  150,000  shares ;  par  $10. 

ALPS  (G.),  Colorado,  100,000  shares ;  par  $5. 

AMERICAN  (G.),  Colorado,  200,000  shares  ;  par  $2. 

AMERICAN  GOLD  FLAG,  60,000  shares  ;  par  10. 

ATLANTIC  (G.),  Nova  Scotia,  100.000  shares;  par  $2; 
price  2. 

ATLANTIC  AND  PACIFIC  (G.  and  S.),  Nevada,  50,000  shares ; 
par  $10;  price  33. 

BAY  STATE  (G.),  Colorado,  200,000  shares ;  par  $5. 

BEACON  (G.),  Nova  Scotia,  200,000  shares ;  par  $2. 


MINING   STOCKS.  359 

BENTON  (G.),  Colorado,  100,000  shares ;  par  $5 ;  price  45 
cents. 

-BLACK  HAWK  (G.),  Colorado,  50,000  shares ;  par  100. 

BOSTON  (G.),  Colorado,  10,000  shares ;  par  $50 ;  price  105. 

BEIGGS  (G.),  Colorado,  10,000  shares ;  par  $100. 

BULLION  (G.),  Colorado,  200,000  shares  ;  par  $25. 

BURROUGHS  (G.),  Colorado,  100,000  shares;  par  $10. 

CANADIAN  (G.),  Canada,  200,000  shares ;  par  $2  ;  price  50 
cents. 

CENTRAL  (G.),  Colorado,  50,000  shares ;  par  $20 ;  price 
17i. 

CHAUDIERE  (G.),  Canada,  100,000  shares;  par  $5;  price  90 
cents. 

CHEBUCTO  (G.),  IN  ova  Scotia,  100,000  shares ;  par  $5 ;  price 
65  cents. 

COLONIAL  (G.),  Canada,  100,000  shares ;  par  $2£ ;  price  25 
cents. 

COLORADO  (G.),  Colorado,  50,000  shares;  par  $10;  price  1. 

CONSOLIDATED  GREGORY  (G.),  Colorado,  50,000  shares ;  par 
$100 ;  price  25. 

COPALINSKA  (G.),  Colorado,  200,000  shares ;  par  $20. 

CORRISANIA  (G.),  Colorado,  100,000  shares;  par  $10; 
price  6. 

OORYDON  (G.),  Colorado,  100,000  shares ;  par  $25 ;  price  1. 

DAY  AND  BUSHNELL  (G.),  Colorado,  300,000  shares;  par 

$10. 

DENVER  (G.),  Canada,  50,000  shares ;  par  $20 ;  paid  in  12| ; 

price  15. 

DORSET  (G.),  Canada,  170,000  shares;  par  $5. 

EAGLE  (G.),  Colorado,  20,000  shares  ;  par  $50. 

EL  DORADO  (G.),  Nevada,  100,000  shares ;  par  $5. 

EXCELSIOR  (G.),  Colorado,  30,000  shares ;  par  10;  price  14. 

FRANKFORT  (G.),  Colorado,  100,000  shares ;  par  $2. 

GARRISON'S  (G.),  Colorado,  100,000  shares ;  par  $5. 

GREAT  WESTERN  (G.),  Colorado,  60,000  shares;  par  $10. 

GILBERT  RIVER  (G.),  Canada,  100,000  shares;  par  $5; 
price  1. 


3GO  STOCK    EXCHANGE    MANUAL 

GILPIN  (G.),  Colorado,  100,000  shares;  par $5;  price  H. 

GOLD  (G.),  Colorado,  100,000  shares ;  par  $5  ;  price  3^. 

GOLD  FIELD  (G.),  Colorado,  50,000  shares ;  par  $10. 

GOLD  HILL  (G.),  Colorado,  50,000  shares ;  par  $10. 

GOLD  RIVER  (G.),  Colorado,  100,000  shares  ;  par  $3. 

GCNNEL  (G.),  Colorado,  300,000  shares;  par  $10;  price  If. 

HALIFAX  (G.),  Nova  Scotia,  200,000  shares ;   par  $2 ;  price 
50  cents. 

HOLMAN  (G.),  Colorado,  150,000  shares ;  par  $2. 

HOPE  (G.),  Colorado,  80,000  shares ;  par  $25  ;  paid  in  10 ; 
price  10. 

IDAHO  (G.),  Idaho,  100,000  shares ;  par  $1. 

IsAAc'sIlARBOR  (G.),  Nova  Scotia,  100,000  shares ;  par  $  5  ; 
price  55  cents. 

KENNEBEC  (G.),  Canada,  100,000  shares ;  par  $5. 

KENT  (G.),  Nova  Scotia,  200,000  shares;  par  $1. 

LA  CKOSSE  (G.),  Colorado,  100,000  shares  ;  par  $10. 

LAKE  MAJOR  (G.),  Nova  Scotia,  12,000  shares  ;  par  $50. 

MANHATTAN  (G.),  Colorado,  100,000  shares;  par  $10. 

MASSACHUSETTS  (G.),   Canada,   500,000   shares ;    par  $5 ; 
price  2f. 

MEXICAN  PACIFIC    (G.  and  S.),  Mexico,  100,000  shares; 
par  $100. 

MONTAGUE  (G.),  Nova  Scotia,  50,000  shares ;  par  $10. 

MONTANA  (G.),  Colorado,  100,000  shares  ;  par  $5  ;  paid  in  » ; 
price  1|. 

MONTEZUMA  (G.  and  S.),  Nevada,  100,000  shares ;  par  $5. 

MONT  ALPINE  (G.),  Colorado,  250,000  shares ;  par  $5. 

MOUNT  VISTA  (G.  and  S.),  Nevada,  50,000  shares;  par  $10. 

NEW    ENGLAND  (G.),  Colorado,  50,000  shares ;    par  $5 ; 
price  2£. 

NEW  GREGORY  (G.),  Colorado,  50,000  shares ;  par  $10. 

NEW  YORK  (S.),  Colorado,  100,000  shares ;  par  $10. 

NEW  YOB*  AND  NOVA  SCOTIA  (G.),  Nova  Scotia,  100,000 
shares;  par  $5  ;  price  10  cents;  in  January,  1864,  3.32. 

NORTH  CLEAR  CREEK,  Colorado,  100,000  shares  ;  par  $10. 
NOVA  SCOTIA  (S.),  Nova  Scotia,  100,000  shares;  par  $25 
price  2£. 


MINING   STOCKS.  861 

OLDHAM  (G-.),  100,000  shares  ;  par  $2. 

PECK  (G.),  Nova  Scotia,  100,000  shares;  par  $5. 

PLEASANT  VALLEY  (G.),  Colorado,  125,000  shares ;  par  $10. 

PICAOHO  (G.);  Arizona  Territory,  50,000  shares ;  par  $50. 

PEOPLE  GOLD  (G.),  California,  500,000  shares;  par  $5. 

PONTIAO  (G.),  Colorado,  50,000  shares;  par  $20. 

PRINCE  ALBERT  (G.),  Canada,  100,000  shares;  par  $2; 
price  14. 

QUARTZ  HILL  (G.),  Colorado,  40,000  shares ;  par  $25  ;  price 
6  ;  this  stock  last  year  was  sold  as  high  as  28 ;  in  January, 
1864,  13. 

RECIPROCITY  (G.),  Canada,  100,000  shares ;  par  $50 ;  paid 
in  15. 

RENFREW,  Canada,  120,000  shares ;  par  2£ ;  price  $50 
cents. 

RIVIERE  DTT  LOUP  (G.),  Canada,  20,000  shares  ;  par  $10. 

SAN  ANTONIO  (S.),  Arizona  Territory,  60,000  shares; 
par  $50. 

SHERBROOKE  (G.),  Nova  Scotia,  100,000  shares ;  par  $10. 

SOUTHAM  (G.),  Nova  Scotia,  100,000  shares ;  par  $5. 

STAFFORD  (G.),  Canada,  100,000  shares;  par  $5;  price  2£. 

STAR  (G.),  Colorado,  100,000  shares ;  par  $25. 

STEWART  (G.),  Canada,  100,000  shares ;  par  $5 ;  paid  in  5 ; 
price  V5  cents. 

TASCHER  (G.),  Canada,  50,000  shares ;  par  $10. 

VICTORIA  (G.),  Canada,  50,000  shares ;  par  $2. 

WAVERLEY  (G.),  Canada,  50,000  shares ;  par  $10. 

WINDSOR  (G.),  Colorado,  100,000  shares;  par  $10. 

UNITED  STATES  (G.),  Colorado,  75,000  shares ;  par  $20. 


16 


CHAPTEE    VIII. 

PETROLEUM  STOCKS. 

Ix  the  year  1853,  Mr.  George  Bissell,  of  New  York, 
had  his  attention  called  to  an  oily  fluid  which  had  been 
discovered  by  some  workmen  while  sinking  a  well  for  the 
purpose  of  obtaining  water,  on  a  small  farm  near  what  is 
now  known  as  Oil  Creek,  in  Venango  county,  Pennsyl- 
vania. Mr.  Bissell  forwarded  a  sample  of  the  fluid  to 
the  late  Professor  Silliman,  who  reported  that  it  would 
undoubtedly  prove  valuable  for  lubricating,  and,  pos- 
sibly, for  illuminating  purposes. 

Mr.  Bissell  then  purchased  the  farm  on  which  the 
oil  had  been  discovered,  and  in  1858  sunk  the  first  oil- 
well.  The  product  was  limited  in  quantity,  and  was  not 
easily  disposed  of,  for  the  process  of  refining  was  not 
well  understood,  and  the  oil  had  a  most  penetrating  and 
unpleasant  odor.  Gradually,  however,  it  came  into 
use,  the  remarkably  low  price  at  which  it  could  be 
sold  exercising  a  powerful  influence  in  its  favor.  In 
1860,  the  sinking  of  oil  wells  began  as  a  regular  busi- 
ness. Hundreds  were  made ;  and  during  the  succeed- 
ing year  and  1862  the  yield  of  oil  was  larger  than  at 
the  present  time. 

Of  the  various  theories  of  the  production  of  petro- 


PETROLEUM   STOCKS.  363 

leum  offered  by  our  savans,  none  are  entirely  satisfac- 
tory. Some  persons  suppose  that  it  is  produced  by 
the  decomposition  of  coal ;  others  believe  that  the  de- 
cay of  woody  fibre  will,  under  certain  circumstances, 
generate  the  oil ;  and  there  are  still  others  \vho  suppose 
that  animal  matter  is  the  source  of  the  supply. 

It  is  well  known  that  animal  matter,  if  exposed  to 
moisture  and  kept  from  the  air  for  a  series  of  years, 
becomes  converted  into  a  fatty  substance,  known  as 
adipocere,  which  will  burn  with  a  brilliant  flame  ;  but 
the  supposition  of  that  theory  offers  no  solution  of  the 
question  as  to  where  was  derived  the  amount  of  animal 
matter  necessary  to  form  the  vast  deposits  of  petro- 
leum. All  that  is  really  known  is,  that  the  oil  is  formed 
in  what  are  termed  the  sandstone  regions.  It  is  only 
where  the  surface  is  underlaid  by  a  thick  bed  of  this 
stone  that  petroleum  is  discovered  in  any  quantity,  and 
the  wells  never  flow  freely  until  the  stone  is  reached. 
In  the  United  States,  the  sandstone  region,  according 
to  Humboldt,  extends  over  two  hundred  thousand  square 
miles. 

Petroleum  has  been  discovered  in  nearly  all  the 
loyal  States,  not  excepting  California,  and  new  sources 
of  supply  are  daily  found. 

The  petroleum  has  almost  entirely  displaced  all 
other  oils  for  illuminating  purposes.  Naphtha  and 
burning  fluid  cannot  compete  with  it  in  illuminating 
power,  and  it  can  be  sold  at  a  price  far  lower  than 
either.  The  consumption  of  petroleum  is  certainly  in- 
creasing as  new  uses  are  found  for  it.  It  has  already- 
been  successfully  used  for  cooking  purposes,  and  it  13 
thought  thp.t  it  may  come  into  competition  with  coal 
as  a  means  of  generating  steam  economically. 


STOCK   EXCHANGE   MANUAL. 

The  region  in  which  the  oil  is  found  is  comparatively 
worthless  for  agricultural  purposes.  In  1859,  land 
there  could  be  bought  for  a  few  dollars  an  acre  ;  now 
it  readily  commands  thousands.  One  farm,  which  sold 
for  $150,000  at  the  commencement  of  the  oil  specula- 
tion, is  now  declared  to  be  worth  $4,000,000.  It  is  es- 
timated that  the  whole  oil  territory  of  Pennsylvania 
might  have  been  purchased  a  few  years  ago  for  $700,- 
000 ;  now  it  is  held  to  be  worth  more  than  $250,000,000. 
Vast  fortunes  have  been  made  and  much  money  lost ; 
many  persons  who  a  few  years  ago  were  without  means 
have  become  very  rich  through  this  speculation. 

The  petroleum  interest,  though  only  yet  in  its  in- 
fancy, exceeds  in  importance  and  magnitude,  as  an 
element  of  trade,  the  gold  production  of  the  Pacific 
States,  without  taking  into  account  the  millions  saved 
by  its  substitution,  as  an  illuminator,  for  other  and 
more  expensive  oils. 

If  we  compare  the  cost  of  the  production  of  gold 
and  petroleum,  it  will  be  found  that  while  gold  is 
procured  at  a  great  expense  of  labor  and  money,  and 
obtained  from  an  area  of  country  embracing  many 
thousand  square  miles,  and  after  the  first  profit  ob- 
tained from  its  production,  none  is  afterward  realized  ; 
it  will,  on  the  other  hand  be  seen,  that  while  petroleum 
is  as  yet  only  found  in  paying  quantities  in  very  few 
and  comparatively  small  sections  of  the  country,  it 
gushes  spontaneously  from  the  earth  in  many  cases,  and 
never  requires  any  large  amount  of  labor  or  expensive 
machinery  to  produce  it,  while  in  all  its  subsequent 
stages  of  transportation  and  manufacture  it  is  a  source 
of  immense  profit.  The  gold  yield  of  1864  was  about 
fifty-five  millions.  The  product  of  crude  petroleum 


PETROLEUM   STOCKS.  365 

was  about  two  million  barrels,  representing,  with  an  al- 
lowance of  30  per  cent,  for  loss  in  refining,  about  fifty- 
six  million  gallons  of  refined  oil. 

The  exports  of  petroleum  for  1864,  as  shown  by 
official  returns,  were  a  trifle  over  thirty-two  million  one 
hundred  thousand  gallons,  of  which  over  twenty-four 
million  gallons  were  refined,  and  more  than  eight  mil- 
lion gallons  crude,  representing  a  money  value  abroad, 
at  the  price  of  two  shillings  a  gallon  for  refined  oil,  of 
about  three  and  a  quarter  millions  of  pounds  sterling, 
which  in  gold,  at  the  current  rates  of  exchange  during 
the  past  year,  has  given  us  a  purchasing  power  in  Euro- 
pean markets  amounting  to  the  enormous  sum  of  forty- 
five  millions  of  dollars  in  United  States  currency. 

The  exports  of  the  year,  taken  at  the  above  figures, 
would  leave  of  the  two  million  barrels  of  crude  for  do- 
mestic consumption  about  thirty-five  million  gallons. 
We  think,  however,  that  domestic  consumption  has 
largely  exceeded  this  quantity ;  but  supposing  is  has 
not,  and  estimating  the  price  of  refined  oil  at,  say, 
seventy- five  cents  per  gallon,  the  average  price  of 
the  past  year,  it  represents  an  additional  sum  of  over 
nineteen  million  dollars,  and  has  effected  a  saving 
to  the  community,  by  its  use  as  an  illuminator  and 
lubricator,  in  lieu  of  more  expensive  fish  and  lard  oil, 
of  not  less  than  forty  millions. 

Taken  from  this  point  of  view,  petroleum  may 
justly  be  regarded  as  one  of  the  greatest  blessings  ever 
bestowed  by  a  Divine  Providence  on  undeserving  man. 
It  increases  our  national  wealth,  gives  employment  to 
our  railroads  and  shipping  interest,  and  supplies  the 
place  of  gold  as  a  purchasing  medium  in  foreign 
markets. 


366  STOCK   EXCHANGE   MANUAL. 

Its  discovery  seems  to  have  been  providential,  oc 
curring  just  at  the  moment  when  our  whale  fisheries 
were  giving  out,  and  when  we  had  but  very  little  cot- 
ton or  other  produce  for  shipment,  to  meet  our  obliga- 
tions in  foreign  markets. 

The  first  petroleum  mining  association  was  organ- 
ized and  began  operations  in  1859.  This  was  a  New 
Haven  company,  whose  pioneer,  a  Massachusetts  gentle- 
man, named  Drake,  sank  the  first  well,  we  believe,  and, 
"striking"  largely,  the  fortunes  of  himself  and  associates 
were  assured.  From  this  success  date  all  subsequent 
enterprises,  and  the  increase  in  the  number  of  corpora- 
tions has  been  perfectly  enormous. 

It  is  now  well  known  that  the  nominal  capital  of  pe- 
troleum companies  is  in  a  great  measure  fictitious, 
and  in  most  cases  represents  from  four  to  ten  times  the 
actual  value  of  their  property,  and  in  many  cases  fully 
twenty  times  the  amount  that  was  originally  expended 
in  its  purchase ;  but  petroleum  itself  is  a  substantial 
reality,  the  production  of  which  has  already  produced 
results  sufficiently  remarkable  to  mark  an  era  in  the 
history  of  the  commerce  of  the  world. 

It  is  certain  that  the  excitement  caused  by  the  large 
fortunes  which  have  been  realized  from  the  discovery 
of  petroleum,  the  sale  of  oil  lands,  and  the  wild  spirit  of 
speculation  aroused  in  that  direction,  are  fast  subsiding ; 
though  few  persons  are  aware  how  large  have  been 
the  public  investments  in  petroleum  oil  and  land  stocks. 

We  recently  saw  a  list  of  384  companies,  formed  in 
Philadelphia  alone,  with  an  average  capital  of  $700,000. 
There  is  an  equal  number,  perhaps,  in  New  York.  Not 
less  than  71  companies  have  been  formed  in  Ohio,  since 
the  beginning  of  the  year,  to  develop  the  Ohio  oil  re- 


PETROLEUM   STOCKS.  367 

gions,  and  an  equal  number  was  in  existence  there  be- 
fore. Many  companies  have  been  organized  also  in  In- 
diana, Michigan,  Maryland,  and  Massachusetts.  In 
short,  without  speaking  of  the  six  hundred  companies 
said  to  have  been  chartered  by  the  Legislature  of  Ken- 
tucky, it  is  fair  to  assume  that  never  before  in  the 
United  States  or  elsewhere  has  the  discovery  of  a  min- 
eral or  vegetable  product  elicited  so  deep  an  excite- 
ment among  men,  and  grown  to  such  importance  as  a 
first-class  domestic  staple,  as  petroleum. 

In  presence  of  some  twelve  hundred  companies, 
formed  throughout  the  land  in  a  trice,  with  an  aggre- 
gate capital  of  perhaps  $800,000,000,  all  created  for 
the  purpose  of  developing  a  product  whose  very  origin 
is  as  yet  enveloped  in  mystery,  it  is  not  surprising  that 
cautious  people  begin  to  pause  and  wait  before  invest- 
ing in  petroleum  stocks.  The  fever  of  speculation  is 
dying  out,  on  account  of  its  extraordinary  excess. 

Petroleum  is,  therefore,  gradually  taking  its  proper 
level  among  the  great  interests  of  the  land.  Com- 
panies based  exclusively  on  speculation  have  no  longer 
a  chance  of  selling  their  paper.  Oil-boring  has  simply 
become  a  branch  of  national  labor,  as  legitimate  and  at 
least  as  profitable  as  coal-digging,  or  gold,  lead,  and  cop- 
per extracting  and  crushing;  and  concerns  only  which 
shall  go  resolutely  to  work  will  command  public  confi 
dence.  Fancy  stocks  are  decidedly  played  out. 

The  following  statement  shows  the  financial  condi- 
tion of  the  New  York  Petroleum  Companies: 

ALLEGE  ANY,  134  Maiden  Lane,  with  a  capital  of  $250,000, 
in  50,000  shares  of  $5 ;  it  has  a  reserved  working  capital  of 
$50,000. 

ALLEN  WEIGHT,  27  Wall  street,  organized  in  November, 


368  STOCK   EXCHANGE   MANUAL. 

1864,  with  a  capital  of  $1,000,000,  in  100,000  shares  of  $10; 
has  paid  2  per  cent,  dividend  for  January  and  February ; 
market  price,  $3. 

AMERICAN  PETROLEUM,  10  Pine  street,  organized  in  Sep- 
tember, 1861,  with  a  capital  of  $500,000  in  5.000,  shares  of 
$100. 

AMERICAN  OIL  AND  MINING,  22  William  street,  organized 
in  May,  1864,  with  a  capital  of  $1,500,000,  in  30,000  shares  of 
$50  ;  has  paid  1  per  cent,  monthly  dividend. 

ANDERSON,  71  Broadway,  organized  in  September,  1864, 
with  a  capital  of  $1,000,000,  in  100,000  shares  of  $10;  it  has 
a  reserved  working  capital  of  $100,000. 

ANTICLINAL,  11  "Wall  street,  organized  in  February,  1865, 
with  a  capital  of  $250,000,  in  25,000  shares  of  $10 ;  it  has  a 
reserved  working  capital  of  $90,000. 

ATLANTIC,  36  Pine  street,  organized  in  July,  1864,  with  a 
capital  of  $300,000,  in30,000  shares  of  $10;  subscription 
price  $2. 

ASH-BURTON,  30  Pine  street,  organized  in  April,  1864,  with 
a  capital  of  $2,500,000,  and  a  reserved  working  capital  of 
$200,000,  in  50,000  shares  of  $50 ;  subscription  price  $25. 

ALADDIN,  229  Broadway,  organized  in  October,  1864,  with 
a  capital  of  $100,000,  and  a  reserved  working  capital  of  $10,- 
000,  in  50,000  shares  of  $2  ;  subscription  price  $1. 

AMERICAN  ILLUMINATING,  71  Broadway,  organized  October, 
1864,  with  a  capital  of  $1,000,000,  in  100,000  shares  of  $10. 

ALBERT  GALLATIN  AMBER  OIL,  N.  Y.,  155  Broadway,  or- 
ganized in  February,  1865,  with  a  capital  of  $500,000,  and  a 
reserved  working  capital  of  $62,000,  in  100,000  shares  of  $5 ; 
subscription  price  $2. 

BEECH  TREE,  22  Pine  street,  with  a  capital  of  $300,000, 
and^a  reserved  working  capital  of  $75,000,  in  60,000  shares 
of  $5. 

BEEKMAN,  20  Broad  street,  organized  in  September,  1864, 
witli  a  capital  of  $1,000,000,  and  a  reserved  working  capital 
of  $25,000,  in  100,000  shares  of  $10  ;  subscription  price  $5  ; 
market  price  $2. 


PETROLEUM   STOCKS.  369 

BENNYHOFF  RESERVE,  67  Wall  street,  organized  in  July, 
1864,  with  a  capital  of  $1,000,000,  and  a  reserved  working 
capital  of  $25,000,  in  100,000  shares  of  $10;  subscription 
price  $3. 

BERGEN  OIL  AND  COAL,  4  Broad  street,  organized  in  June, 
1864,  with  a  capital  of  $2,000,000,  in  200,000  shares  of  $10  ; 
market  price  $2  10. 

BLOOD  FARM,  10  Pine  street,  organized  in  June,  1864,  with 
a  capital  of  $5,000,000,  and  a  reserved  working  capital  of 
$500,000,  in  50,000  shares  of  $100 ;  subscription  price  $100 ; 
market  value  $13. 

BREVOORT,  128  Maiden  Lane,  organized  in  July,  1864,  with 
a  capital  of  $500,000,  and  a  reserved  working  capital  of  $80,- 
000,  in  50,000'  shares  of  $10 ;  market  value  $20. 

BROOKLYN,  74  Broadway,  organized  in  December,  1864, 
with  a  capital  of  $500,000,  and  a  reserved  working  capital  of 
$100,000,  in  100,000  shares  of  $5 ;  market  value  $2  50 ;  2 
per  cent,  dividend  in  March,  1865. 

BUCHANAN  FARM,  8  Broad  street,  organized  August,  1864, 
with  a  capital  of  $4,000,000,  in  400,000  shares  of  $10;  sub- 
scription price  $5  ;  market  value  $1  35  ;  1  per  cent,  dividend 
for  September,  1864. 

BUCKEYE  STATE  PETROLEUM,  61  William  street,  organized 
in  December,  1864,  with  a  capital  of  $600,000,  and  a  reserved 
working  capital  of  $100,000,  in  300,000  shares  of  $2 ;  sub- 
scription price  $1. 

BENNYHOFF  AND  SAHM,  1  Cortlandt  street,  organized  in 
December,  1864,  with  a  capital  of  $300,000,  and  a  reserved 
working  capital  of  $30,000,  in  60,000  shares  of  $5 ;  subscrip- 
tion price  $3. 

BLACK  CREEK,  13  Broad  street,  organized  December, 
1864,  with  a  capital  of  $300,000,  and  a  reserved  working 
capital  of  $40,000,  in  150,000  shares  of  $2. 

BUNKER  HILL  PETROLEUM  COMPANY,  26  Vesey  street,  or- 
ganized in  January,  1865,  with  a  capital  of  $1,000,000,  and 
a  reserved  working  capital  of  $100,000,  in  200,000  shares 
of  $6. 

16* 


370  STOCK    EXCHANGE   MANUAL. 

BOSTON,  152  Broadway,  organized  in  February,  1865,  with 
a  capital  of  $2,000,000,  and  a  reserved  capital  of  $100,000,  in 
203,000  shares  of  $10  ;  subscription  price  $3. 

BENNYHOFF  RUN  PETROLEUM,  8  Pine  street,  organized  in 
September,  1864,  with  a  capital  of  $500,000,  in  5,000  shares 
of  $100;  subscription  price  $25;  1  per  cent,  dividend  for 
February,  first  dividend. 

BLACK  RIVER  ROCK  OIL,  8  Pine  street,  organized  in  Feb- 
ruary, 1865,  with  a  capital  of  $300,000,  in  150,000  shares  of 
$2.  (Stock  not  yet  issued.) 

BARRY  OIL,  81  John  street,  with  a  capital  of  $200,000,  and 
a  reserved  working  capital  of  $20,000,  in  40,000  shares  of  $5. 

CENTRAL,  10  Pine  street,  organized  in  April,  1864,  with  a 
capital  of  $5,000,000,  in  50, 000  shares  of  $100  ;  dividend  1  per 
cent,  monthly. 

CHERRY  RUN  OIL,  137  Broadway,  with  a  capital  of  $100,000, 
in  10,000  shares  of  $10. 

CHERRY  RUN  PETROLEUM,  71  Broadway,  with  a  capital  of 
$500,000,  and  a  reserved  working  capital  of  $35,000,  in  250,- 
000  shares  of  $2  ;  market  value  68  cents. 

CLIFTON,  81  John  street,  organized  in  August,  1864,  with 
a  capital  of  $900,000,  in  50,000  shares  of  $10 ;  market  value 
$3  ;  dividend  1  per  cent,  for  December. 

COMMERCIAL,  159  Front  street,  organized  in  June,  1864, 
with  a  capital  of  $3,350,000,  in  33,500  shares  of  $100;  sub- 
scription price  $100  ;  market  value  $4;  dividend  1  percent,  for 
September,  1864. 

COMMONWEALTH,  7  Nassau  street,  organized  September, 
1864,  with  a  capital  of  $1,000,000,  and  a  reserved  working 
capital  of  $25,000,  in  100,000  shares  of  $10  ;  subscription  price 
$5 ;  dividend  1  per  cent,  for  September,  1864. 

CONSOLIDATED,  40  Broad  street,  organized  in  May,  1864, 
with  a  capital  of  $1,000,000  in  100,000  shares  of  $10 ;  sub- 
scription price  $5 ;  market  value  $2  50  ;  1  per  cent,  divi- 
dend for  December. 

CLARION  COAL  AND  OIL,  81  John,  now  organizing. 

CHEMICAL,  117  Wall  street,  organized  in  January,  1865 


PETROLEUM   STOCKS.  371 

with  a  capital  of  $250,000,  and  a  reserved  working  capital  of 
$50,000,  in  50,000  shares  of  $5  ;  subscription  price  $3. 

COLUMBIA,  42  Cedar  street,  organized  in  May,  1862,  with  a 
capital  of  $2,500,000,  in  50,000  shares  of  $50  ;  3  per  cent, 
dividend  March  15,  1865. 

COTTER  FARM  OF  PENNSYLVANIA,  42  Pine  street,  with  a 
capital  of  $1,000,000,  and  a  reserved  working  capital  of  $50,- 
000,  in  200,000  shares  of  $5  ;  subscription  price  $2  50. 

CASCADE,  80  Broadway,  with  a  capital  of  $500,000,  and  a 
reserved  working  capital  of  $50,000,  in  100,000  shares  of  $5. 

CHERRY  RUN  AND  CHENANGO,  39  Nassau  street,  organized 
February,  1865,  with  a  capital  of  $600,000,  and  a  reserved 
working  capital  of  $40,000,  in  120,000  shares  of  $5  ;  2  per 
cent,  dividend  for  March. 

CATTARAUGUS  OIL,  4  Cedar  street,  organized  November, 
1864,  with  a  capital  of  $1,000,000,  in  100,000  shares  of  $10. 

CRITERION,  organized  March,  1865,  with  a  capital  of  $50,- 
000,  in  2,000  shares  of  $25. 

COLUMBIA  COAL  AND  OIL,  24  William  street,  organized  in 
February,  1865,  with  a  capital  of  $1,000,000,  and  a  reserved 
working  capital  of  $100,000,  in  200,000  shares  of  $5. 

COLUMBIANA  COUNTY  PETROLEUM,  24  William  street, 
organized  in  March,  1865,  with  a  capital  of  $500,000,  and  a  re- 
served working  capital  of  $25,000,  in  100,000  shares  of  $5 ; 
subscription  price  $2  50. 

CHERRY  CREEK  FARM  PETROLEUM,  8  and  10  Wall  street, 
organized  in  December,  1864,  with  a  capital  of  $2,000,000,  in 
200,000  shares  of  $10. 

DEVON,  81  John  street,  organized  in  December,  1864,  with 
a  capital  of  $150,000,  and  a  reserved  working  capital  of  $25,- 
000,  in  150,000  shares  of  fl. 

DUTCHMAN  RUN,  71  Broadway,  organized  with  a  capital 
of  $1,000,000,  and  a  reserved  working  capital  of  $200,000,  in 
100,000  shares  of  $10  ;  subscription  price  $3. 

DE  KALB,  30  Broad  street,  organized  February,  1865,  with 
a  capital  of  $350,000,  and  a  reserved  working  capital  of  $50,- 
000,  in  35,000  shares  of  $10;  1  per  cent,  divideud  for  February. 


372  STOCK   EXCHANGE   MANUAL. 

DELTA,  41  Pine  street,  organized  with  a  capital  of  $200,000, 
and  a  reserved  working  capital  of  $50,000,  in  20,000  shares  of 
$10  ;  subscription  price  $5. 

DAWN  PETROLEUM,  Canada  West,  22  Broad  street,  organized 
in  March,  1865,  with  a  capital  of  $350,000,  in  175,000  shares 
of  $2. 

DUCK  CEEEK  PETROLEUM,  organized  with  a  capital  of 
$1,000,000,  and  a  reserved  working  capital  of  $20,000,  in  200,- 
000  shares  of  $5. 

EMPIEE  CITY  OIL,  69  Wall  street,  organized  with  a  capital 
of  $400,000,  and  a  reserved  working  capital  of  $25,000,  in 
100,000  shares  of  $4;  subscription  price  $2;  market  value 
$2  30. 

EMPIRE  CITY  PETBOLEUM,  74  Broadway,  organized  Decem- 
ber, 1864,  with  a  capital  of  $1,000,000,  and  a  reserved  working 
capital  of  $100,000,  in  200,000  shares  of  $5 ;  2  per  cent, 
dividend  in  March,  1865. 

ENTEEPBISE,  30  Broad  street,  organized  with  a  capital  of 
$100,000,  in  10,000  shares  of  $10. 

EXCELSIOR,  74  Broadway,  organized  in  October,  1864,  with 
a  capital  of  $500,000,  in  100,000  shares  of  $5.  Subscription 
price  $3  ;  market  value  $4  50 ;  4  per  cent,  dividend  Decem- 
ber, 1864. 

EYERETT,  74  Beaver  street,  organized  in  January,  1865, 
with  a  capital  of  $300,000,  and  a  reserved  working  capital  of 
$25,000,  in  30,000  shares  of  $10;  market  value  $3  50;  1  per 
cent,  dividend  March  10,  1865. 

EUROPEAN  PETROLEUM,  54  "William  street,  organized  No- 
vember, 1864,  with  a  capital  of  $100,000,  and  a  reserved  work- 
ing capital  of  $30,000,  in  10,000  shares  of  $10. 

ELEANIC,  organized  in  March,  1865,  with  a  capital  of 
$75,000.  and  a  reserved  working  capital  of  $10,000,  in  15,000 
shares  of  $5. 

EAST  BRANCH,  organized  February,  1865,  with  a  capital  of 
$500,000,  and  a  reserved  working  capital  of  $50,000,  in  5,000 
shares  of  $100. 

ENXISKILLEN    PETEOLEUM    AND   REFINERY   COMPANY   OF 


PETROLEUM    STOCKS.  373 

CANADA  WEST,  27  Wall  street,  organized  in  February,  1865, 
with  a  capital  of  $500,000,  and  a  reserved  working  capital  of 
$160,000,  in  50,000  shares  of  $10  ;  subscription  price  $8. 

EUREKA  AMBEE  OIL,  155  Broadway,  organized  January, 
1865,  with  a  capital  of  $600,000,  and  a  reserved  working  capi 
tal  of  $20,000,  in  120,000  shares  of  $5. 

FLOWING  OIL,  17  Water  street,  organized  July,  1864,  with 
a  capital  of  $50,000,  in  1,000  shares  of  $50. 

FOUNTAIN  OIL,  74  Broadway,  organized  December,  1864, 
with  a  capital  of  $1,000,000,  in  100,000  shares  of  $10.  Sub- 
scription price  $5  ;  1  per  cent,  dividend  January  and  February, 
1865. 

FOUNTAIN  PETBOLEUM,  81  John  street,  organized  November, 

1864,  with  a  capital  of  $250,000,  and  a  reserved  working  capital 
of  $10,000,  in  50,000  shares  of  $5;   dividend  1  per  cent, 
monthly. 

FROST  PETROLEUM,  74  Broadway,  organized  January,  1865, 
with  a  capital  of  $250,000,  and  a  reserved  working  capital  of 
$20,000,  in  25,000  shares  of  $10. 

FIRST  NATIONAL,  100  Broadway,  organized  in  January, 

1865,  with  a  capital  of  $1,000,000,  in  200,000  shares  of  $5 ; 
subscription  price  $3 ;  dividend  3  per  cent.  March  20,  1865. 

FEE  SIMPLE,  1  Hanover  Square,  organized  with  a  capital 
of  $600,000,  and  a  reserved  working  capital  of  $60,000,  in 
800,000  shares  of  $2 ;  subscription  price  $1. 

FAIE  FARM,  30  Broad  street,  organized  January,  1865; 
with  a  capital  of  $350,000,  and  a  reserved  working  capital  of 
$25,000,  in  70,000  shares  of  $5. 

FOWLER  FARM  PETROLEUM  MINING,  82  Broadway,  organized 
in  February,  1865,  with  a  capital  of  $300,000,  and  a  reserved 
working  capital  of  $21,000,  in  30,000  shares  of  $10. 

GERMANIA,  33  Pine  street,  organized  September,  1864, 
with  a  capital  of  $3,000,000,  in  600,000  shares  of  $5 ;  subscrip- 
tion price  $1 ;  market  value  82  cents;  dividend  1  per  cent,  for 
November,  1864. 

GREAT  WESTERN  CONSOLIDATED,  27  Wall  street,  organized 
August,  1864,  with  a  capital  of  $4,000,000,  and  a  reserved 


374  STOCK   EXCHANGE    MANUAL. 

working  capital  of  $75,000,  in  40,000  shares  of  $100;  sub- 
scription price  $25. 

GREAT  NORTHERN,  67  Exchange  Place,  organized  with  a 
capital  of  $2,000,000,  in  200,000  shares  of  $10. 

GUILD  FARM,  290  Broadway,  organized  with  a  capital  of 
$1,000,000,  in  100,000  shares  of  $10. 

GREEN  ISLAND  OIL  CREEK  COMPANY,  74  Broadway, 
organized  August,  1864,  with  a  capital  of  $300,000,  and  a 
reserved  working  capital  of  $50,000,  in  60,000  shares  of  $5 ; 
subscription  price  $2. 

GREAT  SHAFT,  112  Broadway,  organized  with  a  capital  of 
$500,000,  and  a  reserved  working  capital  of  $50,000,  in  2,500 
shares  of  $200  ;  subscription  price  $100. 

GENERAL  GRANT  OIL,  23  and  25  Nassau  street,  organized 
October,  1864,  with  a  capital  of  $500,000,  and  a  reserved 
working  capital  of  $26,700,  in  100,000  shares  of  $5;  sub- 
scription price  $1. 

GOVERNOR  CHASE  OIL,  23  and  25  Nassau  street,  organized 
January,  1865,  with  a  capital  of  $1,000,000,  and  a  reserved 
working  capital  of  $22,000,  in  200,000  shares  of  $5  ;  subscrip- 
tion price  $1. 

GARLAND  PETROLEUM,  52  Cedar  street,  organized  in  No- 
vember, 1864,  with  a  capital  of  $500.000,  and  a  reserved  work- 
ing capital  of  $20,000,  in  100,000  shares  of  $5 ;  subscription 
price  $1. 

HAMMOND,  195  Fulton  street,  organized  in  June,  1864, 
with  a  capital  of  $500,000,  in  20,000  shares  of  $25 ;  market 
price  $25  50 ;  5  per  cent,  dividend  January,  July,  and 
August. 

HEYDRICK,  80  Broadway,  organized  in  January,  1865,  with 
a  capital  of  $500,000,  and  a  reserved  working  capital  of  $25,- 
000,  in  50,000  shares  of  $10  ;  dividend  5  per  cent,  monthly. 

HICKORY  FARM,  92  Maiden  lane,  organized  October,  1864, 
with  a  capital  of  $500,000,  and  a  reserved  working  capital  of 
$50,000,  in  100,000  shares  of  $5. 

HIGHGATE,  33  Pine  street,  organized  August  1864,  with  a 
capital  of  $1,^00,000,  in  3dO,000  shares  of  $5 ;  subscription 


PETROLEUM   STOCKS.  373 

price  $1 ;  market  value  84  cents ;  dividend  1  per  cent.  Novem- 
ber, 1864. 

HOME,  10  Pine  street,  organized  June,  1864,  with  a  capital 
of  $5,000,000,  in  50,000  shares  of  $100. 

HUDSON  RIVER,  99  Maiden  lane,  organized  December,  1864, 
with  a  capital  of  $600,000,  in  60,000  shares  of  $10. 

HENRY  CAMP,  71  Broadway,  organized  November,  1864, 
with  a  capital  of  $600,000,  in  60,000  shares  of  $10. 

HOFFMAN,  10  Pine  street,  organized  December,  1864,  with 
a  capital  of  $5,000,000,  in  500,000  shares  of  $10. 

HAMILTON  OIL  AND  COAL  COMPANY,  78  and  80  Broadway, 
organized  January,  1865,  with  a  capital  of  $1,000,000,  in 
100,000  shares  of  $10  ;  subscription  price  $5. 

HENRY  BEND,  14  Wall  street,  organized  with  a  capital  of 
$300,000,  and  a  reserved  working  capital  of  $30,000,  in  30,- 
000  shares  of  $10  ;  subscription  price  $5. 

HARMON,  organized  with  a  capital  of  $400,000,  and  a  re- 
served working  capital  of  $50,000,  in  80,000  shares  of  $5. 

HOMESTEAD,  17  Broadway,  organized  with  a  capital  of 
$250,000,  and  a  reserved  working  capital  of  $25,000,  in  50,000 
shares  of  $5 ;  subscription  price  $2  50. 

HTJIDE  KOPEE  PETROLEUM  OIL,  22  William  street,  organized 
November,  1864,  with  a  capital  of  $200,000,  in  200,000  shares 
of  $1 ;  dividend  3  per  cent,  for  April. 

INDIAN  ROCK,  71  Broadway,  organized  September,  1864, 
with  a  capital  of  $1,000,000,  in  10,000  shares  of  $10. 

INDIANA,  4  Broad  street,  organized  September,  1864,  with 
a  capital  of  $1,000,000,  and  a  reserved  working  capital  of 
$50,000,  in  10,000  shares  of  $100. 

INEXHAUSTIBLE,  10  Wall  street,  organized  October,  1864, 
with  a  capital  of  $2,500,000,  and  a  reserved  working  cap- 
ital of  $100,000,  in  500,000  shares  of  $5  ;  subscription  price 
$3. 

ISLAND,  36  Pine  street,  organized  June,  1864,  with  a  capi- 
tal of  $500,000,  in  50,000  shares  of  $10 ;  subscription  price 
$2 ;  dividend  1  per  cent.  June,  1864. 

INDEPENDEJTT,  42  Pine  street,  organized  November,  1S64, 


376  STOCK   EXCHANGE    MANUAL. 

with  a  capital  of  $750,000,  and  a  reserved  working  capital  of 
$100,000,  in  150,000  shares  of  $5. 

IRVING,  88  Wall  street,  organized  February,  1805,  with  a 
capital  of  $500,000,  and  a  reserved  working  capital  of  $50,000, 
in  100,000  shares  of  $5. 

IRONSIDES,  71  Broadway,  organized  February,  1865,  with 
a  capital  of  $350,000,  in  35,000  shares  of  $10. 

JOHN  ANDERSON,  106  Broadway,  organized  January,  1865, 
with  a  capital  of  $2,000,000,  and  a  reserved  working  capital 
of  $100,000,  in  200,000  shares  of  $10;  subscription  price  $3. 

KANAWHA  PETROLEUM,  154  Front  street,  organized  with  a 
capital  of  $500,000,  in  50,000  shares  of  $10 ;  subscription  price 
$2  50  ;  market  price  81  cents. 

KNICKERBOCKER  PETROLEUM,  73  Broadway,  organized  July, 
1864,  with  a  capital  of  $1,000,000,  in  100,000  shares  of  $10; 
market  value  62  cents ;  dividend  1  per  cent  August,  1864. 

KENTUCKY  AND  WEST  VIRGINIA  OIL  AND  COAL,  7  Rector 
street,  organized  December,  1864,  with  a  capital  of  $1,500,000, 
and  a  reserved  working  capital  of  $100,000,  in  150,000  shares 
of  $10;  subscription  price  $5. 

LATONIA  TOWN  AND  OIL,  6  Wall  street,  organized  Decem- 
ber, 1864,  with  a  capital  of  $1,000,000,  and  a  reserved  work- 
ing capital  of  $100,000,  in  100,000  shares  of  $10;  subscription 
price  $5. 

LITTLE  KANAWHA  AND  ELK  RIVER,  6JL  Cedar  street, 
organized  January,  1864,  with  a  capital  of  $6,000,000,  and  a 
reserved  working  capital  of  $150,000,  in  60,000  shares  of  $100  ; 
subscription  price  $12  50. 

LOWER  MCELHENY  FARM,  organized  with  a  capital  of 
$400,000,  in  200,000  shares  of  $2. 

LAWRENCE,  2  South  street,  now  organizing. 

LOOMIS,  81  John  street,  organized  February,  1865,  with  a 
capital  of  $150,000,  and  a  reserved  working  capital  of  $20,000, 
in  150,000  shares  of  $1. 

LLOYD  PETROLEUM  OF  NEW  YORK  AND  PITTSBURG,  organized 
with  a  capital  of  $300,000,  and  a  reserved  working  capital  of 
$20,000,  in  300,000  shares  of  $1. 


PBTEOLEUM  STOCKS.  377 

McCLiNTOCK  FARM  AND  CHEERY  TREE,  7  Nassau  street, 
organized  September,  1864,  with  a  capital  of  $1,000,000,  in 
10,000  shares  of  $100  ;  subscription  price  $25. 

McCLixTocz  AND  CORNWALL,  48  Broadway,  organized  with 
a  capital  of  $500,000,  in  5,000  shares  of  $100. 

McFATE,  7  Nassau  street,  organized  January,  1865,  with  a 
capital  of  $300,000,  and  a  reserved  working  capital  of  $30,000, 
in  60,000  shares  of  $5 ;  subscription  price  $3  ;  market  price  4.25. 

McKiNLEY  OIL  COMPANY,  81  John  street,  organized 
August,  1864,  with  a  capital  of  $250,000,  in  25,000  shares  of 
$10  ;  dividend  3  per  cent,  monthly  and  10  additional  Novem- 
ber, 1864. 

McKiNLEY  No.  2,  Atlantic  Bank,  Broadway,  organized 
October,  1864,  with  a  capital  of  $250,000,  and  a  reserved 
working  capital  of  $50,000,  in  25,000  shares  of  $10 ;  market 
value  $2  50. 

MANHATTAN  PETROLEUM,  73  Broadway,  organized  August, 
1864,  with  a  capital  of  $500,000,  in  250,000  shares  of  $2 ; 
market  value  52  cents. 

MAPLE  GROVE,  41  Fulton  street,  organized  November, 
1864,  with  a  capital  of  $250,000,  and  a  reserved  working 
capital  of  $50,000,  in  50,000  shares  of  $5 ;  market  price  50 
cents ;  1  per  cent,  dividend  March,  1865. 

MAPLE  SHADE  OF  NEW  YORK,  67  "Wall  street,  organized 
with  a  capital  of  $500,000,  in  50,000  shares  of  $10 ;  3  per  cent, 
dividend  August,  1864. 

MARIETTA,  51  Broad  street,  organized  May,  1864,  with  a 
capital  of  $1,000,000,  in  100,000  shares  of  $10. 

MERCHANTS  AND  BANKERS',  66  Beaver  street,  organized 
January  1865,  with  a  capital  of  $400,000,  and  a  reserved 
working  capital  of  $25,000  in  80,000  shares  of  $5  ;  subscrip- 
tion price  $2  50. 

MERCANTILE,  20  Broad  street,  organized  with  a  capital  of 
$500,000,  and  a  reserved  working  capital  of  $30,000,  in  100,000 
shares  of  $5  ;  subscription  price  $1  50. 

MICHIGAN  CENTRE,  8  Pine  street,  organized  April,  1864, 
with  a  capital  of  $500,000  in  50,000  shares  of  $10. 


378  STOCK   EXCHANGE   MANUAL. 

MILLER  FARM,  36  Pine  street,  organized  July,  1864,  with  a 
capital  of  $300,000  in  60,000  shares  of  $5. 

MOUNT  VERNON,  154  Water  street,  organized  October, 
1864,  with  a  capital  of  $300,000,  in  100,000  shares  of  $3. 

MUSZINGUM,  137  Duane  street,  organized  January,  186o} 
with  a  capital  of  $500,000,  and  a  reserved  working  capital  of 
$30,000,  in  100,000  shares  of  $5 ;  subscription  price  3. 

MUTUAL  BENEFIT  PETROLEUM,  130  Pearl  street,  organized 
January,  1865,  with  a  capital  of  $500,000,  and  a  reserved 
working  capital  of  $100,000,  in  200,000  shares  of  $2  50; 
market  value  $4  60. 

MARIETTA  PETROLEUM  OIL,  OF  OHIO,  4  Cedar  street,  organ- 
ized December,  1864,  with  a  capital  of  $100,000,  and  a  re- 
served working  capital  of  $50,000,  in  100,000  shares  of  $10. 

MINERVA,  4  Cedar  street,  organized  February,  1865,  with 
a  capital  of  500,000,  in  100,000  shares  of  $5. 

MINERAL  POINT  PETROLEUM,  OIL,  AND  IRON,  71  Broadway, 
organized  February,  1865,  with  a  capital  of  $1,000,000,  and  a 
reserved  working  capital  of  $25,000,  in  100,000  shares  of  $10  ; 
subscription  price  $5. 

MONOXGAHELA  AND  KANAwnA  OIL,  78  and  80  Broadway, 
organized  March,  1865,  with  a  capital  of  $1,500,000,  and  a  re- 
served  working  capital  of  $75,000,  in  300,000  shares  of  $5. 

MAHONING  VALLEY  PETROLEUM,  3  Eector  street,  organized 
December,  1864,  with  a  capital  of  $1,000,000,  and  a  reserved 
working  capital  of  $60,000,  in  100,000  shares  of  $10;  sub- 
scription price  $3. 

NATIONAL,  2  Exchange  Place,  organized  with  a  capital  of 
$200,000,  in  40,000  shares  of  $5. 

NEWARK,  27  Park  row,  now  organizing. 

NEW  ENGLAND,  60  John  street,  organized  with  a  capital  of 
$150,000,  and  a  reserved  working  capital  of  $40,000,  in  75,000 
shares  of  $2. 

NEW  YORK  CITY  OIL,  102  Maiden  lane,  now  organizing. 

NEW  YORK  AND  ALLEGHANY,  134  Maiden  lane,  organized 
with  a  capital  of  $250,000,  and  a  reserved  working  capital  of 
$50,000,  in  $50,000  shares  of  $5. 


PETROLEUM    STOCKS.  379 

NEW  YORK  AND  LIVERPOOL,  71  Broadway,  organized  with 
a  capital  of  $1,000,000,  in  100,000  shares  of  $10. 

NEW  YOEK  AND  BEAK  RUN,  Cooper  Institute,  organized  in 
February,  1865,  with  a  capital  of  $20,000,  in  20,000  shares 
of  $1. 

NEW  YORK  AND  MARIETTA,  51  Broad  street,  organized  in 
May,  •  1864,  with  a  capital  of  $200,000,  in  20,000  shares 
of  $10. 

NEW  YORK  OIL  CREEK,  106  Broadway,  organized  in  Au- 
gust, 1864,  with  a  capital  of  $500,000,  and  a  reserved  work- 
ing capital  of  $75,000,  in  100,000  shares  of  $5 ;  subscription 
price  $5. 

NEW  YORK  AND  BOSTON,  11  Wall  street,  organized  Octo- 
ber, 1864,  with  a  capital  of  $500,000,  and  a  reserved  working 
capital  of  $22,500,  in  100,000  shares  of  $5  ;  subscription  price 
$3  ;  first  monthly  dividend  H  for  March. 

NEW  YORK  AND  CONNECTICUT,  69  Broadway,  organized 
February,  1865,  with  a  capital  of  $750,000,  in  100,000  shares 
of  $7  50. 

NEW  WORLD  OF  WEST  VIRGINIA,  262  Broadway,  organ- 
ized February,  1865,  with  a  capital  of  $500,000,  in  50,000 
shares  of  $10  ;  subscription  price  $3. 

NOBLE  FARM,  30  Pine  street,  organized  December,  1864, 
with  a  capital  of  $600,000,  and  a  reserved  working  capital  of 
$30,000,  in  120,000  shares  of  $5. 

NEW  YORK  AND  PROVIDENCE,  52  Cedar  street,  organized 
March,  1865,  with  a  capital  of  $300,000,  and  a  reserved  work- 
ing capital  of  $20,000,  in  100,000  shares  of  $3 ;  subscription 
price  $2. 

NEW  LEBANON  OIL,  6  Wall  street,  organized  February, 
1865,  with  a  capital  of  $150,000,  and  a  reserved  working 
capital  of  $18,000,  in  30,000  shares  of  $5. 

NEW  YORK  AND  NEW  ENGLAND  PETROLEUM,  155  Broad 
street,  organized  with  a  capital  of  $120,000,  and  a  reserved 
working  capital  of  $25,000,  in  24,000  shares  of  $5. 

NESHANXOCK  CREEK  OIL,  68  Cedar  street,  organized  Feb- 
ruary, 1865,  with  a  capital  of  $1,000,000,  and  a  reserved 


380  STOCK    EXCHANGE    MANUAL. 

working  capital  of  $40,000,  in  200,000  shares  of  $5  ;  subscrip- 
tion price  $1. 

NEW  YOEK  MAPLE  SHADE  OIL,  67  Wall  street,  organized 
August,  1804,  with  a  capital  of  $500,000  in  50,000  shares 
of  $10. 

NEW  YORK  AND  PHILADELPHIA,  52  William  street,  organ- 
ized with  a  capital  of  $1,500,000,  and  a  reserved  working 
capital  of  $100,000,  in  300,000  shares  of  $5;  subscription 
price  $3. 

NEW  YORK,  PHILADELPHIA,  AND  BALTIMORE  CONSOLIDATED, 
71  Broadway,  organized  with  a  capital  of  $1,500,000,  and  a 
reserved  working  capital  of  $50,000,  in  300,000  shares  of 
$5  ;  subscription  price  $3. 

NEW  YORK  AND  WEST  YIBGINIA,  137  Broadway,  organized 
August,  1864,  with  a  capital  of  $500,000,  and  a  reserved  work- 
ing capital  of  $12,500,  in  50,000  shares  of  $10 ;  subscription 
price  $1  25. 

NEW  YOEK  AND  PENNSYLVANIA  OIL,  67  Wall  street,  organ- 
ized August,  1864,  with  a  capital  of  $1,000,000  in  100,000 
shares  of  $10 ;  market  value  $1. 

NOBLE  AND  DELAMATER  OF  NEW  YOBK,  67  Wall  street, 
organized  October,  1864,  with  a  capital  of  $300,000,  and  a  re- 
served working  capital  of  $10,000,  in  100,000  shares  of  $3 ; 
market  value  $3  25. 

NOBLE  WELL,  7  Pine  street,  organized  May,  1864.  with  a 
capital  of  $500,000,  in  20,000  shares  of  $25 ;  subscription 
price  $10 ;  it  has  paid  5  dividends  ol  1  per  cent,  and  2  of  2  per 
cent. 

NORMAL,  71  Broadway,  organized  with  a  capital  of  $500,- 
000,  and  a  reserved  working  capital  of  $50,000,  in  100,000 
shares  of  $5 ;  market  value  $9  ;  dividend  2|  per  cent,  quar- 
terly, December,  1864. 

NORTH  AMERICAN,  74  Broadway,  organized  October,  1864, 
with  a  capital  of  $1,250,000  in  125,000  shares  of  $10. 

NORTHEEN  LIGHT,  181  Pearl  street,  organized  November, 
1864,  with  a  capital  of  $1.000,000,  and  a  reserved  working 
capital  of  $75,000,  in  100,000  shares  of  $10;  market  value 
$4  50,  dividend  3  per  cent,  for  February. 


PETROLEUM   STOCKS.  881 

NATIONAL  OIL  SPRINGS,  86  Broadway,  organized  February, 
1865,  with  a  capital  of  $1,000,000,  and  a  reserved  working 
capital  of  $100,000,  in  200,000  shares  of  $5. 

NEW  WORLD  PETROLEUM,  41  Pine  street,  organized  February, 
1865,  with  a  capital  of  $800,000,  and  a  reserved  working  cap- 
ital of  $50,000,  in  80,000  shares  of  $10. 

OLD  DOMINION,  172  Pearl  street,  organized  with  a  capital 
of  $750,000,  in  75,000  shares  of  $10 ;  subscription  price  $5. 

OCEANIC,  131  Maiden  lane,  organized  September,  1864, 
with  a  capital  of  $2,000,000,  and  a  reserved  working  capital 
of  $100,000,  in  200,000  shares  of  $10  ;  subscription  price  $5  ; 
market  value  $2  35 ;  dividend  2  per  cent,  for  January,  Feb- 
ruary, and  March. 

Omo,  4  Broad  street,  organized  September,  1864,  with  a 
capital  of  $1,000,000  in  10,000  shares  of  $100.  Dividends  3 
per  cent,  for  November,  2  per  cent,  for  December  and 
January. 

OIL  CITY,  8  Pine  street,  organized  June,  1864,  with  a  cap- 
ital of  $500,000  in  50,000  shares  of  $10. 

OIL  GREEK,  7  Nassau  street,  organized  October,  1864,  with 
a  capital  of  $1,000,000,  and  a  reserved  working  capital  of 
$75,000,  in  50,000  shares  of  $20 ;  dividend  3  per  cent, 
quarterly. 

OIL  RUN  PETKOLEUM,  66  Wall  street,  organized  March, 
1865,  with  a  capital  of  $1,000,000  in  200,000  shares  of  $5  ; 
subscription  price  $2. 

PACIFIC,  17  William  street,  organized  October,  1864,  with 
a  capital  of  $1,000,000,  and  a  reserved  working  capital  of 
|50,000,  in  100,000  shares  of  $10 ;  subscription  price  $3. 

PHILLIPS,  18  Broad  street,  organized  December,  1864,  with 
a  capital  of  $2,500,000,  and  a  reserved  working  capital  of 
$40,000,  in  250,000  shares  of  $10;  subscription  price  $4; 
dividend  1  per  cent,  for  April. 

PACIFIC  COAST,  71  Broadway,  organized  with  a  capital  of 
$5,000,000  in  50,000  shares  of  $100 ;  subscription  price  $20  ; 
market  value  $4  85. 

PRESIDENT,  71  Broadway,  organized  November,  1864,  with 


382  STOCK   EXCHANGE    MANUAL. 

a  capital  of  $5,000,000,  and  a  reserved  working  capital  of 
$100,000,  in  200,000  shares  of  $25  ;  subscription  price  $5  ;  mar- 
ket value  $15. 

PIT-HOLE  CREEK,  49  Exchange  Place,  organized  with  a  capi- 
tal of  $1,000,000  in  40,000  shares  of  $25. 

POWEL  OIL  AND  COAL,  132  Maiden  lane,  organized  January, 
1865,  with  a  capital  of  300,000,  and  a  reserved  working  capi- 
tal of  $25,000,  in  100,000  shares  of  $3  ;  subscription  price 
$150. 

PITHOLE  CREEK  AND  ALLEGHANY  RIVER,  $62  "William 
street,  organized  October,  1864,  with  a  capital  of  $500,000  in 
50,000  shares  of  $10. 

PIT-HOLE  MUTUAL,  16  Front  street,  organized  with  a  capi- 
tal of  $300,000,  and  a  reserved  working  capital  of  $100,000, 
in  30,000  shares  of  $10. 

PLEASANTS  COUNTY  OIL,  12  Pine  street,  organized  March, 
1865  with  a  capital  of  $500,000,  and  a  reserved  working  capi- 
tal of  $30,000,  in  100,000  shares  of  $5. 

PHILIP  SHERIDAN  OIL,  23  and  25  Nassau  street,  organized 
November,  1864,  with  a  capital  of  $2,000,000,  and  a  reserved 
working  capital  of  $50,000,  in  400,000  shares  of  $5;  subscrip- 
tion price  $1. 

POINT  PLEASANT  PETROLEUM,  82  Broadway,  organized 
March,  1865,  with  a  capital  of  $300,000,  and  a  reserved  work- 
ing capital  of  $50,000,  in  60,000  shares  of  $5. 

PRESCOTT  PETROLEUM,  52  Cedar  street,  organized  February, 
1865,  with  a  capital  of  $300,000,  and  a  reserved  working  cap- 
ital of  $25,000  in  100,000  shares  of  $3  ;  subscription  price  $2. 

PEOPLE'S  MUTUAL  OIL  AND  MINING  COMPANY  OF  WEST 
VIRGINIA,  6  Wall  street,  organized  February,  1865,  with  a 
capital  of  2,000,000,  and  a  reserved  working  capital  of  $100,000, 
in  200,000  shares  of  $10 ;  subscription  price  $5. 

RAINBOW  CREEK,  175  Broadway,  organized  December, 
1864,  with  a  capital  of  $500,000,  and  a  reserved  working  capi- 
tal of  $40,000,  in  100,000  shares  of  $5  ;  subscription  price  $2. 

RATHBONE  OF  WEST  VIRGINIA,  38  Pine  street,  organized 
December,  1864,  with  a  capital  of  $450,000,  and  a  reserved 


PETROLEUM    STOCKS.  383 

working  capital  of  $30,000,  in  150,000  shares  of  $3 ;  sub- 
scription price  $1. 

REVENUE  OIL  COMPANY,  80  Broad  street,  organized  with 
a  capital  of  $250,000  in  5,000  shares  of  $50. 

RATIIBONE  OIL  TRACT,  69  Wall  street,  organized  with  a 
capital  of  $5,000,000  in  50,000  shares  of  $100. 

RYND  FARM,  8  Broad  street,  organized  July,  1864,  with  a 
capital  of  $2,000,000  in  200,000  shares  of  $10  ;  market  value 
$3  60 ;  dividend  4  per  cent,  quarterly. 

RESOLUTE,  41  Fulton  street,  organized  November,  1864, 
writh  a  capital  of  $250,000,  and  a  reserved  working  capital  of 
$100,000,  in  50,000  shares  of  $5  ;  subscription  price  $2  50. 

RITCHIE  COUNTY  (VIRGINIA)  OIL,  organized  November, 
1864,  with  a  capital  of  $600,000  in  60,000  shares  of  $10. 

SECURITY,  30  Broad  street,  organized  February,  1865,  with 
a  capital  of  $200,000,  and  a  reserved  working  capital  of 
$15,000,  in  100,000  shares  of  $2;  subscription  price  $1. 

SHERMAN,  17  Water  street,  organized  January,  1865,  with 
a  capital  of  $500,000,  and  a  reserved  working  capital  of  $12,500, 
in  100,000  shares  of  $5. 

SENECA  RESERVATION,  corner  of  Maiden  lane  and  Pearl 
street,  organized  with  a  capital  of  $1,000,000  in  20,000  shares 
of  $50. 

SHAFFER  FARM,  101  Chambers  street,  organized  October 
1864,  with  a  capital  of  $500,000  in  50,000  shares  of  $10. 

SHREVE  FARM,  20  Pine  street,  organized  with  a  capital  of 
$500,000,  and  a  reserved  working  capital  of  $10,000,  in  100,000 
shares  of  $5  ;  subscription  price  $2. 

STANDARD,  108  Broadway,  organized  December,  1864,  with 
a  capital  of  $600,000,  and  a  reserved  working  capital  of  $25,000, 
in  120,000  shares  of  $5  ;  subscription  price  $2  50. 

STORY  AND  MCCLINTOCK,  13  Pine  street,  organized  July, 
1864,  with  a  capital  of  $500,000  in  50,000  shares  of  $10 ;  divi- 
dend 8  cents  per  share  for  December,  1864. 

SUCCESS,  137  Broadway,  organized  June,  1864,  with  a  cap- 
ital of  $100,000  in  10,000  shares  of  $10  ;  subscription  price  $7 ; 
dividend  9£  per  cent,  on  capital  stock  to  January  1st, 


384  STOCK  EXCHA:NGE  MANUAL. 

SUN,  8  "Wall  Btreet,  organized  October,  1864,  with  a  capi- 
tal of  $200,000,  and  a  reserved  working  capital  of  $40,000.  in 
$100,000  shares  of  $2. 

SHERMAN  AND  BARNSDALL,  42  Pine  street,  organized  with 
a  capital  of  $750,000  in  300,000  shares  of  $2  50. 

STELLA,  74  Broadway,  organized  February,  1865,  with  a 
capital  of  $500,000,  and  a  reserved  working  capital  of  $75,000, 
in  100,000  shares  of  $5. 

SECOND  NATIONAL,  100  Broadway,  organized  February, 
1865,  with  a  capital  of  $3,000,000  in  200,000  shares  of  $15  ; 
subscription  price  $7  50. 

STORY  AND  JASON  FARM  PETROLEUM,  1  Hanover  Square, 
organized  with  a  capital  of  $350,000,  and  a  reserved  working 
capital  of  $30,000,  in  70,000  shares  of  $5. 

TACK,  5  William  street,  organized  with  a  capital  of  $500,000 
in  100,000  shares  of  $5 ;  market  value  $2  50  ;  dividend  2  per 
cent,  monthly. 

TALIMAN  PETROLEUM,  54  William  street,  organized  May, 
1864,  with  a  capital  of  $500,000,  and  a  reserved  working 
capital  of  $50,000,  in  50,000  shares  of  $10 ;  subscription  price 
$2. 

TARB  FARM,  61  Cedar  street,  organized  October,  1864,  with 
a  capital  of  $3,000,000  in  30,000  shares  of  $100;  subscription 
price  $50  ;  market  value  $28  ;  dividend  1  per  cent,  monthly. 

TARRAGENTA,  8  Hanover  Square,  organized  October,  1864} 
with  a  capital  of  $500,000  in  100,000  shares  of  $5 ;  market 
value  $2  50. 

TITUS  OIL,  17  Wall  street,  organized  October,  1864,  with 
a  capital  of  $630.000  in  63,000  shares  of  $10 ;  market  value 
$4  25  ;  dividend  3  per  cent,  on  March  15. 

TITUS  ESTATE,  13  Pine  street,  organized  October,  1864, 
with  a  capital  of  $1,000,000,  and  a  reserved  working  capital 
of  $22,000,  in  100,000  shares  of  $10 ;  market  value  $2. 

TARENTUM  OIL,  SALT,  AND  COAL,  132  Maiden  lane,  organ- 
ized October,  1864,  with  a  capital  of  $500,000  in  5,000  shares 
of  $100. 

UNITED  REPUBLIC.  74  Broadway,  organized  February,  1865, 


PETROLEUM   STOCKS.  385 

with  a  capital  of  $2,500,000,  and  a  reserved  working  capital 
of  $500,000,  in  250,000  shares  of  $10. 

UNION,  366  Washington  street,  organized  February,  1865, 
with  a  capital  of  125,000,  and  a  reserved  working  capital  of 
20,000,  in  12,500  shares  of  $10. 

UNITED  PETROLEUM  FARMS,  10  Pine  street,  organized  with 
a  capital  of  $10,000,000  in  1,000,000  shares  of  $10;  dividend 
1^  per  cent,  for  February. 

UNITED  STATES,  47  Exchange  Place,  organized  April,  1864. 
with  a  capital  of  $500,000,  and  a  reserved  working  capital  of 
$100,000,  in  50,000  shares  of  $10;  subscription  price  $5;  mar- 
ket value  $10  50 ;  dividend  5  per  cent,  on  March  15. 

UPPEE  DUCK  CREEK,  249  Pearl  street,  organized  January, 
1865,  with  a  capital  of  $150,000,  and  a  reserved  working  capi- 
tal of  $35,000,  in  2,000  shares  of  $75. 

UNION  PETROLEUM,  37  Nassau  street,  organized  December, 
1864,  with  a  capital  of  $500,000,  and  a  reserved  working  capi- 
tal of  $80,000,  in  50,000  shares  of  $10 ;  subscription  price 
$5. 

UNITED  SERVICE  PETROLEUM  AND  MINING,  240  Broadway, 
organized  with  a  capital  of  $500,000,  and  a  reserved  working 
capital  of  $155,000,  in  100,000  shares  of  $5 ;  subscription  price 
$3. 

VENANGO,  12  Old  Slip,  organized  with  a  capital  of  $400,000 
in  40,000  shares  of  $10 ;  market  value  $1  50. 

VESTA  PETROLEUM  AND  REFINING,  4  Cedar  street,  organized 
in  August,  1864,  with  a  capital  of  $500,000  in  50,000  shares 
of  $100. 

VIRGINIA  AND  OHIO,  51  Broad  street,  organized  May 
1864,  with  a  capital  of  $1,000,000,  and  a  reserved  working  cap- 
ital of  $500,000,  in  100,000  shares  of  $10. 

VIRGINIA  PETROLEUM,  4  Broad  street,  organized  Septem- 
ber, 1864,  with  a  capital  of  $500,000  in  50,000  shares  of  $10. 

WABU.V,  70  Wall  street,  now  organizing. 

WALNUT  BEND,  organized  with  a  capital  of  $200,000  in 
20,000  shares  of  $10. 

WEBSTER,  54  William  street,  organized  December,  1864, 
17 


386  STOCK    EXCHANGE   MANUAL. 

with  a  capital  of  $500,000,  and  a  reserved  working  capital  of 
$50,000,  in  100,000  shares  of  $5. 

WEST  VIBGINIA  OIL  AND  COAL,  71  Broadway,  organized 
with  a  capital  of  $3,000,000  in  300,000  shares  of  $10 ;  sub- 
scription price  $1. 

WILLIAM  PENN,  54  William  street,  organized  October,  1864, 
with  a  capital  of  $250,000,  and  a  reserved  working  capital  of 
$25,000,  in  25,000  shares  of  $10  ;  subscription  price  $2  50. 

WOODS  AND  WEIGHT  OIL  CREEK,  66  South  street,  organ- 
ized October,  1864,  with  a  capital  of  $650,000  in  6,500  shares 
of  $100  ;  dividend  2  per  cent,  monthly. 

WYOMING  OF  CANADA  WEST,  43  Broadway,  organized 
December,  1864,  with  a  capital  of  $250,000,  and  a  working 
capital  of  $30,000,  in  25,000  shares  of  $10 ;  subscription  price 
$5. 

WYOMING  ROCK  OIL  OF  CANADA  WEST,  115  Broadway, 
organized  January,  1865,  with  a  capital  of  $1,000,000  in  100,- 
000  shares  of  $10. 

WAED  FARM,  71  Broadway,  organized  December,  1864, 
with  a  capital  of  $500,000,  and  a  reserved  working  capital  of 
$250,000,  in  100,000  shares  of  $5. 

WINONA,  5  William  street,  organized  with  a  capital  of 
$1,000,000,  and  a  reserved  working  capital  of  $25,000,  in  100,- 
000  shares  of  $10 ;  subscription  price  $6. 

WOLF  CEEEK,  49  William  street,  organized  with  a  capital 
of  $200,000,  and  a  reserved  working  capital  of  $25,000,  in 
40,000  shares  of  $5  ;  subscription  price  $2  50. 

WATSON  FARM,  organized  with  a  capital  of  $500,000  in 
100,000  shares  of  $5. 


CHAPTEE  IX. 

INSURANCE  STOCKS. 

INSURANCE  is  an  agreement  or  contract  entered  into 
between  two  parties,  by  which  the  one,  for  a  specified 
sum,  undertakes  to  indemnify,  secure,  or,  as  it  is  termed, 
insure  or  assure  the  other  against  the  occurrence  of  the 
consequences  of  some  special  risk,  as,  for  instance,  the 
burning  of  a  house  or  property  (fire  insurance),  the 
wreck  of  a  ship  (marine  insurance),  the  death  of  a 
debtor  (life  insurance). 

These  are  the  principal  kinds  of  insurances.  Gener- 
ally as  regards  insurances,  the  person  insuring  is  the  in- 
sured, the  person  who  takes  the  risk  is  the  assurer,  the 
consideration  paid  is  the  premium,  and  the  document 
setting  forth  the  particulars  as  affecting  both  parties  is 
the  policy. 

I. 

FIRE   INSURANCE   COMPANIES. 

These  stocks  are  of  themselves  valuable;  but  their 
value  will  be  better  appreciated  by  the  statement  of  the 
actual  price  compared  with  that  of  last  April,  together 
with  the  profits  and  dividends  of  these  companies.  The 


388  STOCK   EXCHANGE   MANUAL. 

ravages  of  fire  during  1864,  the  non-payment  of  divi- 
dends, mal-administration  in  occasional  instances,  and  a 
general  indisposition  on  the  part  of  shareholders  to 
stand  in  the  gap,  as  between  policy  holders  and  the  pos- 
sible repetition  of  last  year's  conflagration,  have  com- 
bined to  cause  the  large  decline  at  once  noticeable  in 
present  quotations,  as  compared  with  those  of  April, 
1864.  In  some  cases  the  decline  is  of  a  character  chal- 
lenging attention  and  inquiry.  A  fluctuation  of  ten, 
fifteen,  or  even  twenty  per  cent,  in  the  market  price  of 
a  stock  might  not  attract  much  notice ;  but  when  the 
decline  is  equal  to  twenty-five,  thirty,  forty-five,  or  even 
fifty-five  per  cent.,  there  would  seem  to  be  a  partner- 
ship of  bad  luck  and  bad  management.  We  will  give 
the  figures  without  further  comment ;  they  are  worthy 
of  careful  examination : 

ADRIATIC,  established  in  1858,  with  a  capital  of  $300,000; 
the  par  value  of  shares  is  $25 ;  the  actual  price  107,  and 
last  April  107;  two  dividends  of  5  per  cent,  have  been  de- 
clared in  July  and  January. 

^TNA,  170  Broadway,  established  in  1824,  with  a  capital 
of  $200,000 ;  the  par  value  of  shares  is  $50 :  the  actual  price 
100,  against  115  April,  1864 ;  a  dividend  of  3£  and  30  per  cent, 
scrip  has  been  declared  in  January. 

AMERICAN,  48  Wall  street,  established  in  1857,  with  a 
capital  of  $200,000 ;  the  par  value  of  shares  is  $50 ;  the  actual 
price  135,  against  135  April,  1864 ;  t\vo  dividends  of  3|  have 
been  declared  in  July  and  January,  and  5  in  May,  1865. 

ARCTIC,  18  Wall  street,  established  in  1853,  with  a  capital 
of  $500,000  ;  the  par  value  of  shares  is  $50  ;  the  actual  price 
100,  against  101  April,  1864 ;  two  dividends  of  5  per  cent, 
have  been  declared  in  July  and  January. 

ATLANTIC,  14  Wall  street,  established  in  1851  in  Brooklyn, 
with  a  capital  of  $200,000 ;  the  par  value  of  shares  is  $50  ; 


INSUEANCE  STOCKS.  389 

the  actual  price  150,  against  140  April,  1864  ;  two  dividends 
of  5  per  cent,  have  been  declared  in  September  and  March. 

ASTOR,  16  Wall  street,  established  in  1851,  with  a  capital 
of  $250,000  ;  the  par  value  of  shares  is  $25  ;  the  actual  price 
100,  against  124|  April,  1864;  a  dividend  of  5  per  cent,  has 
been  declared  last  October,  and  5  per  cent,  in  March. 

•AMERICAN  EXCHANGE,  128  Broadway,  established  in  1851, 
with  a  capital  of  $200,000 ;  the  par  value  of  shares  is  $100 ; 
the  actual  price  95,  against  95  April,  1864;  no  semi-annual 
dividend  has  been  declared. 

BALTIC,  650  Broadway,  established  in  1864,  with  a  capital 
of  $200,000 ;  the  par  value  of  shares  is  $100  ;  the  actual  price 
100;  this  new  company  has  not  yet  declared  a  dividend. 

BEEKMAN,  10  Wall  street,  established  in  1853,  with  a 
capital  of  $200,000  ;  the  par  value  of  shares  is  $25 ;  the  actual 
price  107,  against  107  April,  1864;  two  dividends  of  4  and  5 
per  cent,  have  been  declared  in  August  and  February. 

BOWERY,  124  Bowery,  established  in  1853,  with  a  capital 
of  $300,000;  the  par  value  of  shares  is  $25;  the  actual  value 
162,  against  188  April,  1864;  a  dividend  of  10  per  cent,  has 
been  declared  in  December. 

BREVOORT,  70  Wall  street,  established  in  1857,  with  a 
capital  of  $150,000  ;  the  par  value  of  shares  is  $50  ;  the  actual 
price  80|,  against  113£  April,  1864 ;  no  dividend  has  been  de- 
clared last  year. 

BROADWAY,  2  Wall  street,  established  in  1849,  with  a 
capital  of  $200,000 ;  the  par  value  of  shares  is  $25  ;  the  actual 
price  135,  against  139  April,  1864;  two  dividends  of  6  per 
cent,  have  been  declared  in  August  and  February. 

BROOKLYN,  18  Wall  street,  established  in  1824,  with  a 
capital  of  $153,000 ;  the  par  value  of  shares  is  $17 ;  the  actual 
price  210,  against  210  April,  1864 ;  two  dividends  of  10  per 
cent,  have  been  declared  in  January  and  July. 

CENTRAL  PARK,  168  Broadway,  established  in  1860,  with  a 
capital  of  $150,000;  the  par  value  of  shares  is  $50 ;  the  actual 
price  100,  against  100  April,  1864 ;  no  dividend  has  been  de- 
clared this  year. 


390  STOCK   EXCHANGE   MANUAL. 

CITIZENS',  67  Wall  street,  established  in  1836,  with  a  capita., 
of  $300,000;  the  par  value  of  shares  is  $20;  the  actual  value 
230,  against  275  April,  1864;  two  dividends  of  10  per  cent- 
have  been  declared  in  July  and  January. 

CITY,  58  Wall  street,  established  in  1833,  with  a  capital  of 
$211,000;  the  par  value  of  shares  is  $70;  the  actual  price 
150,  against  165  April,  1864 ;  two  dividends  of  4  and  3|  per 
cent,  have  been  declared  in  August  and  February. 

CLINTON,  52  Wall  street,  established  in  1850,  with  a  capital 
of  $250,000 ;  the  par  value  of  shares  is  $100 ;  the  actual  price 
113£,  against  120  April,  1864;  two  dividends  of  5  per  cent, 
have  been  declared  in  July  and  January. 

COLUMBIA,  161  Broadway,  established  in  1853,  with  a 
capital  of  $500,000;  the  par  value  of  shares  is  $50  ;  the  actual 
price  106,  against  107  April,  1864;  a  dividend  of  5  per  cent, 
has  been  declared  in  July ;  no  dividend  in  January. 

COMMERCIAL,  49  Wall  street,  established  in  1850,  with  a 
capital  of  $200,000 ;  the  par  value  of  shares  is  $50 ;  the  actual 
price  131,  against  134  April,  1864;  two  dividends  of  5  per 
cent,  have  been  declared  in  January  and  July. 

COMMONWEALTH,  151  Broadway,  established  in  1853,  with 
a  capital  of  $250,000;  the  par  value  of  shares  is  $100;  the 
actual  price  100,  against  107  April,  1864  ;  a  dividend  of  8  per 
cent,  has  been  declared  in  July  ;  no  dividend  in  January. 

CONTINENTAL,  102  Broadway,  established  in  1853,  with  a 
capital  of  $500,000;  the  par  value  of  shares  is  $100;  the 
actual  price  is  171|,  against  170  April,  1864;  two  dividends 
have  been  declared,  7  per  cent,  and  50  scrip  in  July,  and  7 
per  cent,  in  January. 

COEN  EXCHANGE,  13  William  street,  established  in  1853, 
with  a  capital  of  $400,000 ;  the  par  value  of  shares  is  $50 ; 
the  actual  price  85,  against  130  April,  1864;  a  dividend  of  5 
per  cent,  has  been  declared  in  July;  no  dividend  in  January. 

COMMERCE,  27  Wall  street,  established  in  1859,  with  a 
capital  of  $200,000;  the  par  value  of  shares  is  $160;  the 
actual  price  105,  against  105  April.  1864;  two  dividends  of  5 
per  cent,  have  been  declared  in  July  and  January. 


INSURANCE    STOCKS.  391 

CROTON,  180  Broadway,  established  in  1863,  with  a  capital 
of  $200,000  ;  the  par  value  of  shares  is  $100  ;  the  actual  price 
103,  against  106  April,  1864;  a  dividend  of  5  per  cent,  has 
been  declared  in  July  ;  no  dividend  in  January. 

EAGLE,  71  Wall  street,  established  in  1806,  with  a  capital 
of  $300,000  ;  the  par  value  of  shares  is  $40 ;  the  actual  price 
175,  against  175  April,  1864;  a  dividend  of  7^  per  cent,  has 
been  declared  in  October,  and  7|  in  April. 

EMPIRE  CITY,  102  Broadway,  established  in  1850,  with  a 
capital  of  $200,000 ;  the  par  value  of  shares  is  100 ;  the  actual 
price  150,  against  165  April,  1864 ;  two  dividends  of  10  and  7 
per  cent,  have  been  declared  in  July  and  January. 

EXCELSIOR,  130  Broadway,  established  in  1853,  with  a 
capital  of  $200,000;  the  par  value  of  shares  is  $50  ;  the  actual 
price  110,  against  102  April,  1864;  two  dividends  of  5  per 
cent,  have  been  declared  in  July  and  January. 

EXCHANGE,  170  Broadway,  established  in  1853,  with  a 
capital  of  $150,000  ;  the  par  value  of  shares  is  $30 ;  the  actual 
price  65,  against  80  April,  1864;  no  dividend  has  been  de- 
clared this  year. 

FIREMEN'S,  33  Wall  street,  established  in  1829,  with  a 
capital  of  $204,000;  the  par  value  of  shares  is  $17;  the  actual 
price  138,  against  143  April,  1864;  a  dividend  of  5  per  cent, 
has  been  declared  in  April ;  no  dividend  in  October. 

FIREMEN'S  FUND,  200  Broadway,  established  in  1858,  with 
a  capital  of  $150,000;  the  par  value  of  shares  is  $10;  the 
actual  price  90],  against  90£  April,  1864 ;  no  dividend  lias 
been  declared  this  year. 

FIREMEN'S  TRUST,  7  Wall  street,  established  in  1859,  with 
a  capital  of  $150,000;  the  par  value  of  shares  is  $10;  the 
actual  price  110,  against  110  April,  1864;  a  dividend  of  5  per 
cent,  has  been  declared  in  July ;  no  dividend  in  January. 

FULTON,  172  Broadway,  established  in  1853,  with  a  capital 
of  200,000 ;  the  par  value  of  shares  is  $25  ;  the  actual  price 
128,  against  160  April,  1864;  a  dividend  of  5  per  cent,  has 
been  declared  in  July  ;  no  dividend  in  January. 

GEBHARD,    1   Pine  street,  established    in  1857;    with    a 


392  STOCK    EXCHANGE    MANUAL. 

capital  of  $200,000 ;  the  par  value  of  shares  is  $103  ;  the  actual 
price  100,  against  103  April,  1864;  tvro  dividends  of  5  per 
cent,  have  been  declared  in  July  and  January. 

GLOBE,  Greenwich  street,  corner  of  Fulton,  estab- 
lished in  1863,  with  a  capital  of  $200,000 ;  the  par  value 
of  shares  is  $50;  the  actual  value  115,  against  110  April, 
1864;  a  dividend  of  5  per  cent,  has  been  declared  in  July,  and 
5  in  April. 

GOODHUK,  17  Wall  street,  established  in  1857,  with  a  capital 
of  $200,000  ;  the  par  value  of  shares  is  $100  ;  the  actual  price 
105,  against  100  April,  1864,  a  dividend  of  4  and  5  scrip 
has  been  declared  in  July,  and  4  in  January. 

GREENWICH,  400  Hudson  street  and  8  Pine  street,  estab- 
lished in  1834,  with  a  capital  of  $200,000;  the  par  value  of 
shares  is  $25;  the  actual  price  165,  against  160  April,  1864;  a 
dividend  of  7  per  cent,  has  been  declared  in  August. 

GROCERS',  76  "Wall  street,  established  in  1850,  with  a 
capital  of  $,200,000 ;  the  par  value  is  $50 ;  the  actual  price 
110J,  against  118  April,  1864;  a  dividend  of  5  per  cent,  has 
been  declared  in  September,  and  5  in  April. 

GALLATIN,  96  Broadway,  established  in  1857,  with  a 
capital  of  $180,000 ;  the  par  value  of  shares  is  $50 ;  the  actual 
price  100,  against  85  April,  1864;  a  dividend  of  4  per  cent, 
has  been  declared  in  July,  4  in  January,  and  6  in  May. 

GERMANIA,  4  Wall  street  and  457  Broadway,  established 
in  1859,  with  a  capital  of  $500,000 ;  the  par  value  of  shares  is 
$50;  the  actual  price  118,  against  116  April,  1864;  two  divi- 
dends of  5  per  cent,  have  been  declared  in  July  and  January. 

HAMILTON,  11  Wall  street,  established  in  1852,  with  a 
capital  of  $150,000 ;  the  par  value  of  shares  is  $15 ;  the  actual 
price  101,  against  101  April,  1864;  a  dividend  of  4  per  cent, 
has  been  declared  in  July. 

HANOVER,  45  Wall  street,  established  in  1852,  with  a 
capital  of  $400,000  ;  the  par  value  of  shares  is  $50 ;  the  actual 
price  135,  against  130  April,  1864;  two  dividends  of  6  per 
cent,  have  been  declared  in  July  and  January. 

HARMONY,  50  Wall  street,  established  in  1853,  with  a 
capital  of  $300,000 ;  the  par  value  of  shares  is  $50 ;  the  actual 


INSURANCE   STOCKS.  .  393 

price  120,   against   125  April,  1864 ;  two  dividends  of  5  per 
cent,  have  been  declared  in  July  and  January. 

HOFFMAN,  established  in  1864,  with  a  capital  of  $200,000 ; 
the  par  value  of  shares  is  $100 ;  the  actual  price  102|;  it  has 
not  yet  declared  a  dividend. 

HOME,  135  Broadway,  established  in  1853,  with  a  capital 
of  $2,000,000;  the  par  value  of  shares  is  $100;  the  actual 
price  185,  against  200  April,  1864;  two  dividends  of  8  per 
cent,  have  been  declared  in  January  and  July. 

HOPE,  64  Wall  street,  established  in  1856,  with  a  capital 
of  $200,000 ;  the  par  value  of  shares  is  $50  ;  the  actual  price 
106,  against  100  April,  1864;  two  dividends  of  5  per  cent, 
have  been  declared  in  July  and  January. 

HOWARD,  66  Wall  street,  established  in  1825,  with  a  capital 
of  $300,000 ;  the  par  value  of  shares  is  $50  ;  the  actual  price 
185,  against  200  April,  1864;  two  dividends  of  10  and  5 
per  cent,  have  been  declared  in  July  and  January. 

HUMBOLDT,  10  Wall  street,  established  in  1857,  with  a 
capital  of  $200,000 ;  the  par  value  of  shares  is  $100  ;  the  ac- 
tual price  100,  against  85  April,  1864 ;  a  dividend  of  5  per  cent, 
has  been  declared  in  January ;  no  dividend  in  July. 

INDEMNITY,  207  Broadway,  established  in  1856,  with  a 
capital  of  $150,000  ;  the  par  value  of  shares  is  $100;  the  ac- 
tual price  105,  against  100  April,  1864  ;  two  dividends  of  5 
per  cent,  have  been  declared  in  August  and  February. 

INTERNATIONAL,  113  Broadway,  established  in  1863,  with 
a  capital  of  $1,000,000  ;  the  par  value  of  shares  is  $100  ;  the 
actual  price  100,  against  105  April,  1864;  no  dividend  has 
been  declared. 

IMPORTERS  AND  TRADERS',  100  Broadway,  established  in 
1859,  with  a  capital  of  $200,000;  the  par  value  of  shares  is 
$50;  the  actual  price  106,  against  110  April,  1864;  a  dividend 
of  5  per  cent,  has  been  declared  in  July. 

IRVING,  9  Wall  street,  established  in  1852,  with  a  capital 
of  $200,000 ;  the  par  value  of  shares  is  $25  ;  the  actual  price 
1C-H,  against  123  April,  1864 ;  no  dividend  has  been  declared 
this  year. 

17* 


394  STOCK   EXCHANGE   MANUAL. 

JEFFEKSON,  60  Wall  street,  established  in  1824,  with  a  capi- 
tal of  $200,000 ;  the  par  value  of  shares  is  $30 ;  the  actual 
price  190,  against  197  April,  1864 ;  a  dividend  of  10  per  cent, 
has  been  declared  in  September,  and  8  per  cent,  in  March. 

KNICKERBOCKER,  64  Wall  street,  established  in  1798,  with 
a  capital  of  $280,000 ;  the  par  value  of  shares  is  $40 ;  the 
actual  price  118,  against  130  April,  1864;  t\vo  dividends  of  5 
per  cent,  have  been  declared  in  July  and  January. 

KINGS  COUNTY,  1  Nassau  street,  established  in  1858,  with 
a  capital  of  $150,000 ;  the  par  value  of  shares  is  $20 ;  the 
actual  price  70,  against  91  April,  1864;  no  dividend  has  been 
declared  this  year. 

LAFAYETTE,  14  Wall  street,  established  in  1856,  with  a 
capital  of  $150,000 ;  the  par  value  of  shares  is  $50 ;  the  actual 
price  98,  against  100  April,  1864;  no  dividend  has  been  de- 
clared this  year. 

LAMAR,  50  Wall  street,  established  in  1856,  with  a  capital 
of  $300,000;  the  par  value  is  $100;  the  actual  price  111, 
against  120  April,  1864 ;  two  dividends  have  been  declared 
in  July  and  January. 

LENOX,  16  Wall  street,  established  in  1853,  with  a  capital 
of  $150,000 ;  the  par  value  of  shares  is  $25  ;  the  actual  price 
112,  against  110  April,  1864;  two  dividends  of  5  per  cent, 
have  been  declared  in  January  and  July. 

LONG  ISLAND,  48  Wall  street,  established  in  1833,  witli  a 
capital  of  $200,000 ;  the  par  value  of  shares  is  $100 ;  the 
actual  price  170,  against  179  April,  1864;  two  dividends  of  8 
per  cent,  have  been  declared  in  July  and  January. 

LORILLARD,  104  Broadway,  established  in  1852,  with  a 
capital  of  $500,000 ;  the  par  value  of  shares  is  $25  ;  the  actual 
value  is  130,  against  125  April,  1864;  two  dividends  have 
been  declared,  6  per  cent,  and  90  scrip  in  August,  and  4  in 
February. 

MANHATTAN,  68  Wall  street,  established  in  1821,  with  a 
capital  of  $500,000 ;  the  par  value  of  shares  is  $50 ;  the  actual 
price  170,  against  175  April,  1864;  two  dividends  of  10  per 
cent,  have  been  declared  in  July  and  January. 


INSURANCE   STOCKS.  395 

MABKET,  37  Wall  street,  established  in  1853,  with  a  capital 
of  $200,000 ;  the  par  value  of  shares  is  $100 ;  the  actual  price 
is  137,  against  130  April,  1864;  two  dividends  have  been  de- 
clared, 10  per  cent,  and  60  scrip  in  July,  and  3£  in  January. 

MECHANICS  AND  TRADERS',  48  Wall  street,  established  in 
1853,  with  a  capital  of  $200,000 ;  the  par  value  of  shares  is 
$25-,  the  actual  price  150,  against  150  April,  1864;  two  divi- 
dends of  6  per  cent,  have  been  declared  in  July  and  January. 

MECHANICS',  31  Wall  street,  established  in  1857,  with  a 
capital  of  $150,000 ;  the  par  value  of  shares  is  $50  ;  the 
actual  price  150,  against  139  April,  1864 ;  a  dividend  of  6  per 
cent,  has  been  declared  in  July. 

MERCANTILE,  186  Broadway,  established  in  1852,  with  a 
capital  of  $200,000 ;  the  par  value  of  shares  is  $50 ;  the  actual 
price  109|,  against  123  April,  1864;  no  dividend  has  been  de- 
clared this  year. 

MERCHANTS',  106  Broadway,  established  in  1850,  with  a 
capital  of  $200,000;  the  par  value  of  shares  is  $50;  the 
actual  price  $200,  against  199  April,  1864;  two  dividends  of 
10  per  cent,  have  been  declared  in  July  and  January. 

METROPOLITAN,  108  Broadway,  established  in  1854,  with  a 
capital  of  $300,000  ;  the  par  value  of  shares  is  $100  ;  the  actual 
price  130£,  against  125  April,  1864;  two  dividends  have  been 
declared,  5  per  cent,  in  July,  10  per  cent,  and  50  scrip  in 
January. 

MONTAUK,  168  Broadway,  established  1857,  with  a  capital 
of  $150,000 ;  the  par  value  of  shares  is  $50  ;  the  actual  price 
125,  against  129  April,  1864;  a  dividend  of  5  per  cent,  has 
been  declared  in  July. 

MORRIS,  established  in  1864,  with  a  capital  of  $500,000 ; 
the  par  value  of  shares  is  $100 ;  the  actual  price  100 ;  no  divi- 
dend has  yet  been  declared. 

NASSAU,  65  Wall  street,  established  in  1852,  with  a  capital 
of  $150,000  ;  the  par  value  of  shares  is  $50 ;  the  actual  price 
175,  against  175  last  year;  two  dividends  of  8  and  7  have 
been  declared  in  July  and  January. 

NATIONAL,  52  Wall  street,    established  in   1838,   with  a 


396  STOCK    EXCHANGE   MANUAL. 

capital  of  $200,000 ;  the  par  value  of  shares  is  $37£ ;  the 
actual  price  148,  against  202  April,  1864;  two  dividends  of 
8  per  cent,  have  been  declared  in  July  and  January. 

NEW  AMSTERDAM,  26  Wall  street,  established  in  1853,  with 
a  capital  of  $200,000 ;  the  par  value  of  shares  is  $26 ;  the 
actual  price  105,  against  106  April,  1864 ;  no  dividends  have 
been  declared  this  year. 

NEW  YORK  EQUITABLE,  58  Wall  street,  established  in  1823, 
with  a  capital  of  $20,000 ;  the  par  value  of  the  shares  is  $35  ; 
the  actual  price  160,  against  210  April,  1864;  a  dividend  of  6 
per  cent,  has  been  declared  in  July. 

NEW  YORK  FIRE  AND  MARINE,  72  Wall,  established  in  1832, 
with  a  capital  of  $200,000;  the  par  value  of  shares  is  $100  ; 
the  actual  price  135,  against  150  April,  1864;  two  dividends 
of  6  per  cent,  have  been  declared  in  August  and  February. 

NEW  WORLD,  151  Broadway,  established  in  1856,  with  a 
capital  of  $200,000 ;  the  par  value  of  shares  is  $50 ;  the 
actual  price  85,  against  90  April,  1864  ;  no  dividend  has  been 
declared  this  year. 

NIAGARA,  67  Wall  street,  established  in  1850,  with  a 
capital  of  $1,000,000;  the  par  value  of  shares  is  $50;  the 
actual  price  120,  against  130  April,  1864;  two  dividends  of  5 
and  6  per  cent,  have  been  declared  in  July  and  January. 

NOBTII  AMERICAN,  114  Broadway,  established  in  1823,  with 
a  capital  of  $500,000 ;  the  par  value  of  shares  is  $50 ;  the 
actual  price  100|,  against  115  April,  1864;  a  dividend  of  6 
per  cent,  has  been  declared  in  June,  and  4  in  April. 

NORTH  RIVER,  202  Greenwich,  established  in  1822,  with 
a  capital  of  $350,000 ;  the  par  value  of  shares  is  $25 ;  the 
actual  price  112,  against  135  April,  1864;  a  dividend  of  3  per 
cent,  has  been  declared  in  October. 

PACIFIC,  470  Broadway  and  72  Wall  street,  established  in 
1851,  with  a  capital  of  $200,000  ;  the  par  value  of  shares  is 
$25;  the  actual  value  140,  against  146  April,  1864;  two 
dividends  of  6  per  cent,  have  been  declared  in  July  and  Janu- 
ary. 

PARK,  237  Broadway   and  50  Wall  street,  established  in 


INSURANCE   STOCKS.  397 

1853,  with  a  capital  of  $200,000 ;  the  par  value  of  shares  is 
$100 ;  the  actual  price  102,  against  133  April,  1864 ;  two  divi- 
dends of  5  per  cent,  have  been  declared  in  July  and  January. 

PETER  COOPER,  74  Wall  street,  established  in  1853,  with  a 
capital  of  $150,000 ;  the  par  value  of  shares  is  $20 ;  the  actual 
price  102,  against  106  April,  1864 ;  two  dividends  of  5  per 
cent,  have  been  declared  in  August  and  February. 

PEOPLE'S,  393  Canal  street  and  66  Wall  street,  established 
in  1851,  with  a  capital  of  $150,000 ;  the  par  value  of  shares 
is  $20 ;  the  actual  price  90,  against  109£  April,  1864 ;  two 
dividends  have  been  declared  in  August  and  February. 

PHCENIX,  62  Wall  street,  established  in  1853,  with  a  capital 
of  $500,000;  the  par  value  of  shares  is  $50  ;  the  actual  price 
150,  against  148  April,  1864;  two  dividends  of  5  per  cent, 
have  been  declared  in  March  and  September. 

BELIEF,  8  Wall  street,  established  in  1855,  with  a  capital 
of  $200,000 ;  the  par  value  of  shares  is  $50 ;  the  actual  price 
135,  against  140  April,  1864 ;  two  dividends  of  7  per  cent, 
have  been  declared  in  July  and  January. 

REPTTBLIC,  16  Wall  street,  established  in  1852,  with  a  capital 
of  $300,000;  the  par  value  of  shares  is  $160 ;  the  actual  price 
107,  against  115  April,  1864;  a  dividend  of  3^  per  cent,  has 
been  declared  in  July,  and  3|  in  January. 

RESOLUTE,  3  Nassau  street,  established  in  1857,  with  a 
capital  of  $200,000 ;  the  par  value  of  shares  is  $50 ;  the 
actual  price  112£,  against  112  April,  1864  ;  two  dividends  have 
been  declared,  of  5  per  cent,  and  40  scrip  in  July,  and  3£  in 
January. 

RUTGERS,  180  Chatham  street  and  67  Wall  street,  established 
in  1853,  with  a  capital  of  $200,000 ;  the  par  value  of  shares 
is  $25;  the  actual  price  105,  against  130  April,  1864;  a  divi- 
dend, of  5  per  cent,  has  been  declared  in  August. 

SECURITY,  31  Pine  street,  established  in  1856,  with  a  capi- 
tal of  $1,000,000 ;  the  par  value  of  shares  is  $50 ;  the  actual 
price  120,  against  130  April,  1864;  two  dividends  have  been 
declared—  6  per  cent,  nnd  55  scrip  in  August,  and  3^  in  Feb- 
ruary. 


398  STOCK   EXCHANGE   MANUAL. 

ST.  MARK'S,  67  Wall  street,  established  in  1853,  with  a 
capital  of  $150,000;  the  par  value  of  shares  is  $25;  the 
actual  price  100,  against  88  April,  1864;  two  dividends  of  5 
per  cent,  have  been  declared  in  August  and  February. 

ST.  NICHOLAS,  166  Broadway  and  81  Eighth  avenue,  es- 
tablished in  1852,  with  a  capital  of  $150,000 ;  the  par  value 
of  shares  is  $25 ;  the  actual  price  98,  against  $100  April,  1864 ; 
no  dividend  has  been  declared. 

STAR,  established  in  1864,  with  a  capital  of  $200,000;  the 
par  value  of  shares  is  $100  ;  the  actual  price  100 ;  no  dividend 
has  been  yet  declared. 

STERLING,  6  Wall  street,  established  in  1863,  with  a  capital 
of  $200,000;  the  par  value  of  shares  is  $100;  the  actual 
price  100,  against  100  April,  1864  ;  no  dividend  has  been  yet 
declared. 

STUYVESANT,  122  Broadway  and  69  Wall  street,  established 
in  1851,  with  a  capital  of  $200,000 ;  the  par  value  of  shares  is 
$25  ;  the  actual  price  88,  against  90  April,  1864 ;  no  dividend 
has  been  declared. 

STANDARD,  11  Wall  street,  established  in  1857,  with  a 
capital  of  $200,000;  the  par  value  of  shares  is  $50;  the 
actual  price  120,  against  120  April,  1864 ;  two  dividends  have 
been  declared — 5  per  cent,  in  July,  and  7  in  January. 

TRADESMEN'S,  153  Broadway  and  14  Wall  street,  estab- 
lished in  1858,  with  a  capital  of  $150,000;  the  par  value  of 
shares  is  $25;  the  actual  price  128,  against  128  April,  1864; 
two  dividends  of  5  per  cent,  have  been  declared  in  July  and 
January. 

UNITED  STATES,  69  Wall  street,  established  in  1824,  with  a 
capital  of  $250,000  ;  the  par  value  of  shares  is  $25  ;  the  actual 
price  120^,  against  140  April,  1864:  a  dividend  of  6  per  cent, 
has  been  declared  in  July. 

WASHINGTON,  172  Broadway,  established  in  1850,  with  a 
capital  of  $400,000 ;  the  par  value  of  shares  is  $50 ;  the 
actual  price  145,  against  145  April,  1864 ;  two  dividends  have 
been  declared — 6  per  cent,  in  August,  10  in  February  and 
60  scrip. 


INSURANCE   STOCKS.  399 

WILLIAMSBUEGH  CITY,  165  Broadway,  established  in  1853, 
with  a  capital  of  $100,000 ;  the  par  value  of  shares  is  $50 ;  the 
actual  price  105,  against  126  April,  186  4;  no  dividend  has 
been  declared  in  July — 5  per  cent,  in  January. 

YONKERS  AND  NEW  YOKK,  161  Broadway,  established  with 
a  capital  of  $500,000;  the  par  value  of  shares  is  $100;  the 
actual  price  105  ;  a  dividend  of  5  per  cent,  has  been  declared 
in  January. 

II. 

MARINE   INSURANCE   COMPANIES. 

The  success  of  marine  insurance  business,  the  past 
year,  is  almost  beyond  precedent.  One  knowing  the 
effect  of  the  war  on  commerce  would  have  antici- 
pated a  very  different  statement — that  small  business 
and  large  losses  would  naturally  follow  in  the  wake  of 
the  rebel  privateers.  Just  the  contrary  of  this,  however, 
has  been  the  result,  for  never  have  the  earnings  and 
dividends  been  larger. 

Extract  from  the  Superintendent's  Annual  Report. 

"  No  new  marine  insurance  company  has  been  or- 
ganized in  this  State  during  the  last  four  years.  One 
company — the  Anchor — was  examined  by  the  Superin- 
tendent, March  1st,  1861,  reported  against,  and  dis- 
solved by  the  Supreme  Court;  and  the  Neptune — a 
company  which  was  organized  November  12th,  1859, 
with  a  capital  of  $240,700 — has  recently  applied  to  the 
court,  by  petition,  for  a  voluntary  dissolution,  in  conse- 
quence of  very  heavy  losses.  Only  twelve  domestic 
marine  companies,  therefore,  are  now  in  active  opera- 
tion in  this  State,  five  organized  under  the  general  act 


400  STOCK   EXCHANGE  MANUAL. 

of  1849,  and  seven  incorporated  under  special  charters, 
all  located  in  the  city  of  New  York  except  one — the 
Mutual — which  is  located  in  Buffalo.  The  following  is 
a  list  of  these  corporations : 

Special  CJiarters. 
N.n,e  of  Company.  "SZtS&ttS 

Sun  Mutual  Insurance  Company $2,003,112  20 

Atlantic  Mutual  Insurance  Company 9,265,646  32 

Mercantile  Insurance  Company 1,432,307  55 

Commercial  Mutual  Insurance  Company. .  971,442  44 

New  York  Mutual  Insurance  Company .  905,478  37 

Mutual  Insurance  Company  of  Buffalo 527,462  03 

Union  Mutual  Insurance  Company 1,640,322  16 

Organized  under  the  Act  of  1849.     (Chap.  308.) 

Orient  Mutual  Insurance  Company $582,813  60 

Pacific  Mutual  Insurance  Company 1,265,260  67 

Great  Western  Insurance  Company 2,902,145  01 

Columbian  Insurance  Company 3,140,930  80 

Neptune  Insurance  Company 844,618  32 

Washington  Marine  Insurance  Company  . .  493,581  62 

Aggregate $25,475,021  09 

"  The  Superintendent  begs  leave  to  repeat  his  former 
recommendations,  that  all  the  marine  companies  should 
be  required  to  make  and  file  annual  statements  for  the 
year  ending  December  31st,  instead  of  at  the  end  of 
their  respective  fiscal  years,  and  the  form  of  such  state- 
ments should  also  be  more  full,  explicit,  and  satisfactory. 
Complaints  are  now  made  by  other  States  that  our 
forms  for  marine  reports  are  confused,  unintelligible^ 
and  indefinite ;  a  practicable  form  should  be  devised, 
containing  all  necessary  information,  arranged  in  such 
a  manner  as  to  be  incapable  of  misconstruction.  Under 


INSUEANCE   STOCKS.  40] 

the  provisions  of  the  act  of  1861,  if  marine  companies 
should  be  compelled  to  make  annual  statements  to  this 
department  for  the  calendar  year,  their  fiscal  years 
could  be  altered  to  correspond  therewith. 

"  The  marine  premiums  and  losses  for  the  last  four 
years  are  as  follows : 


Tear.  Premiums  Earned. 

I860 $14,175,626  35  $8,648,740  25 

1861 12,593,68467  8,077,10353 

1862 12,597,063  71  7,009,330  78 

1863 18,466,032  52  10,492,247  48' 


IIL 

LIFE   INSUEANCE   COMPANIES. 

Life  insurance  is  a  system  of  incalculable  benefit  to 
the  community,  by  which,  for  a  certain  consideration  or 
premium,  a  certain  sum  of  money — which  seems  to  carry 
no  objection  in  any  of  its  features,  while  the  advantages 
and  blessings  in  connection  with  it  may  indeed  be  said  to 
be  immeasurable — the  creditor  may  insure  an  amount 
due  from  a  debtor,  payable  in  the  event  of  the  death  of 
the  latter  ;  children  may  insure  against  the  loss  of  means 
consequent  upon  the  death  of  parents;  heads  of 
families  may  make  provision  for  children  or  other  rela- 
tives or  dependants ;  and  by  the  liberal  policy  adopted 
by  the  leading  respectable  offices  for  the  insurance  of 
small  or  large  sums,  by  small  and  frequent  or  occasional 
and  large  premiums,  giving  the  option  of  sharing  or  not 
in  the  profits  of  the  society,  and  in  many  other  respects 
adapting  it  to  the  wants  of  all  classes  of  the  community. 


402  STOCK   EXCHANGE    MANUAL. 

Extract  from  the  Superintendent's  Annual  Report. 

"  The  following  New  York  State  life  insurance  com- 
panies are  now  engaged  in  the  transaction  of  business 
under  charters  granted  by  our  Legislature,  either  by 
special  or  general  acts  : 

Special  Charters. 

Name  of  Company.  Capital. 

New  York  Life  Insurance  and  Trust  Company.  .$1,000,000 

New  York  Life  Insurance  Company No  Capital. 

Mutual  Life  Insurance  Company " 

Organized  under  the  General  Act  of  1849.     (Chap.  308.) 

United  States  Life  Insurance  Company $100,000 

Manhattan  Life  Insurance  Company 100,000 

Knickerbocker  Life  Insurance  Company 100,000 

Organized  under  the  General  Act  of  1853.     (Chap.  463.) 

Equitable  Life  Assurance  Society  of  the  U.  S £100,000 

Guardian  Life  Insurance  Company 125,000 

Washington  Life  Insurance  Company 125,000 

Home  Life  Insurance  Company 125,000 

Germania  Life  Insurance  Company 200,000 

Security  Life  Insurance  and  Annuity  Company. . .  110,000 

North  America  Life  Insurance  Company 100,000 

"  The  New  York  Life  Insurance  Company  was  incor- 
porated before  the  Mutual  Life,  but  did  not  issue  any 
life  policies  until  more  than  two  years  later  than  the 
latter  company. 

"  The  New  York  Life  Insurance  and  Trust  Company, 
although  the  oldest  organization  in  the  State,  had  out- 
standing on  December  31st,  1863,  only  one  hundred 
and  ninety-three  policies  for  the  whole  term  of  life,  in- 
suring $633,150,  and  forty-six  short-term  policies,  in- 


INSURANCE   STOCKS. 


403 


suring  $124,000;  and  only  eight  new  policies  were 
issued  during  the  year  1862,  insuring  $17,000.  The 
company  is  strictly  proprietary,  giving  no  dividends  to 
policy  holders,  so  that,  although  offering  the  security 
of  the  largest  stock  capital  of  any  company,  its  life 
business  is  almost  nominal,  and  it  can  hardly  be  re- 
garded as  one  of  our  existing  life  insurance  companies 
in  active  operation.  Excluding  this  Trust  Company, 
still  leaves  twelve  companies  in  full  and  efficient  opera- 
tion, which  have  policies  in  force,  excluding  annuities, 
ranging  from  fifteen  thousand  and  forty-four  in  number, 
insuring  $52,615,656  (Mutual  Life  Insurance  Company), 
to  eight  hundred  and  forty  in  number,  insuring  $2,088,- 
350  (North  America  Life  Insurance  Company),  as  per 
the  following  table : 


Policies  in  force. 


Name  of  Company.         No. 

Mutual 15,044 

New  York 9,949 

Manhattan 5,206 

Equitable 3,264 

United  States 3,631 

Home 3,423 

Germania 3,040 

Knickerbocker 1,556 

Washington 1,057 

Guardian 1,517 

Security 1,005 

North  America 840 

N.  Y.  Life  and  Trust.      239 


Amount 

$52,615,656  00 

26,194,426  45 

17,043,381  00 

9,260,450  00 

8,478,027  00 

7,165,450  00 

5,020,501  65 

3,905,813  00 

2,945,800  00 

2,914,822  00 

2,238,600  00 

2,088,350  00 

757,150  00 


Gross  Assets. 

$10,611,148  90 

2,705,666  74 

1,500,787  23 

584,713  51 

1,067,685  10 

418,329  23 

335,342  13 

394,309  83 

267,462  79 

210,266  44 

160,092  31 

160,853  12 

1,845,848  50 


Aggregate 49,831      $140,628,427  10        $20,262,505  83 

"No    new  life   insurance   company  was  organized 
during  the  year  1863;    the  year  1864  will,  however, 


404  STOCK   EXCHANGE   MANUAL. 

probably  record  the  incorporation  of  the  largest  num- 
ber ever  organized  in  this  State  during  any  one  year. 
Considering  the  vast  number  of  insurable  lives  in  the 
United  States  which  are  uninsured,  there  is  undeveloped 
business  enough  for  many  more  sound  organizations,  if 
placed  under  reliable  and  honest  management." 


STOCK   EXCHANGE   MANUAL,  405 


THE  best  information  about  stocks  and  speculation 
can  be  found  in  the  following  daily,  weekly,  and  monthly 
newspapers : 

Stockholder,  72  William  street. 

Bankers'  Magazine,  corner  of  Pine  and  William 
street. 

Merchants'  Magazine,  William  street. 

American  Railroad  Journal,  9  Spruce  street. 

The  Petroleum  Chronicle,  30  Broad  street. 

Commercial  Advertiser,  corner  of  Pine  and  William. 

Insurance  Monitor,  Wall  street. 

Wall  Street  Underwriter,  18  Wall  street. 


18043 


861332 


t/3 


THE  UNIVERSITY  OF  CALIFORNIA  LIBRARY 


